Shield Therapeutics PLC (AIM:STX, OTCQX:SHIEF), a specialist in iron deficiency treatments, said its largest investor, AOP Health International, is backing a $10 million fundraiser.
It will subscribe for new shares priced at 3p each - a modest premium to Thursday's close.
In addition, Shield could bring in a potential further $1.3 million (£1 million) via a retail offering of shares.
"It has recently become clear to the board that additional capital is needed to help the company achieve its aim of becoming cash flow positive by the end of the calendar year of 2025," investors were told.
Shield's main product is Accrufer/or Feraccru in the US, an oral iron therapy used to treat iron deficiency in adults.
Unlike traditional iron supplements, it is designed to reduce common side effects like gastrointestinal discomfort, making it a preferred option for long-term management of iron deficiency in various conditions, including chronic kidney disease, inflammatory bowel disease, and anaemia associated with heavy menstrual bleeding.
The product is approved in key markets, including the US and Europe, and forms the cornerstone of Shield's commercial strategy as it seeks to expand its market presence and revenue streams.