Genflow Biosciences PLC (LSE:GENF, OTCQB:GENFF), the longevity-focused biotech group, has secured £340,000 in fresh funding through the issue of 40 million new shares.
The shares were subscribed by Eric Leire, the company’s chief executive, under an exemption to UK rules that would otherwise require a prospectus.
Leire has arranged for the stock to be immediately placed with an institutional investor at the same issue price of 0.85 pence.
As part of the deal, the investor will also receive warrants, rights to buy more shares at 1.2 pence within the next two years.
Leire said: “We appreciate the continuing support from our US backer, and this will enable us to continue with dog study whilst awaiting the first payment of the Wallonia region grant.”
The company said the financing would provide essential working capital and tie investor returns to the group’s long-term performance through the attached warrants.