Shares in Oncimmune Holdings PLC (AIM:ONC) climbed 11% on Friday after it successfully raised new funds and announced a debt restructuring that were well received by the market.
The autoantibody profiling specialist stands to bring in a minimum of £2 million from a share placing, board subscription and retail offer of stock.
At the same time, the company's commercial success has allowed it to convert half its €4 million of debt to equity, leaving it with a more manageable balance sheet.
"We are grateful to both our investors and debt provider IPF for supporting this fundraising which has enabled a recapitalisation of the business," said chief executive Martin Gouldstone.
"With a massively improved debt profile and balance sheet, we look forward to continuing to drive the commercialisation of our autoantibody profiling platform which is exhibiting significant commercial traction."
On Friday afternoon, the company confirmed it had successfully closed the placing, to raise gross proceeds of £2.15 million.
Just after 4:00pm the shares were up 1.58p at 15.48p.