Ananda Developments Plc (AQSE:ANA) said it raised a total of £2.225 million, as £79,996 gross was drummed up by a WRAP retail offer on top of the proceeds from a placing and subscription confirmed a week ago.
The CBD-focused life sciences company has said it will issue 26,665,199 new shares in relation to the WRAP offer, on top of the 715,287,001 issued for the placing and subscription shares.
Ananda has last week that it will use the funds to manufacture MRX1, the drug being used in its two Phase II clinical trials targeting chemotherapy-induced neuropathy and endometriosis.
It will also enable a pharmacokinetic study for MRX1 in Australia, where generous tax incentives for R&D work will benefit the company, and will support preclinical research in heart fibrosis and general operational expenses.