Roquefort Therapeutics PLC (LSE:ROQ)’ shares jumped 19% in early trading after the company announced it had raised £236,000 through a private placing.
The biotech firm, which develops cutting-edge treatments for cancer and immune-related diseases, issued over 15.7 million new shares at 1.5p each, a slight discount to the previous day’s closing price.
Roquefort also converted £50,000 worth of loan notes into shares, reducing its outstanding debt under these notes to £337,894.
The fresh funds will support general operations as the company works towards completing two major disposals: the $10.8 million sale of Australian biotech Lyramid and the $12 million deal to offload UK-based Oncogeni.
Any proceeds generated from these transactions will be reinvested into new growth opportunities as the company pushes ahead with its strategy in the fast-growing immunology and oncology markets.
The stock was up 0.3p at 1.9p.