ReNeuron Group (LON:RENE) confirmed it had raised £68.4mln in a share issue after it gained shareholder approval.
The funds will be sufficient to pay for ReNeuron’s existing therapeutic programmes through to 2019.
It will also be sufficient to cover early development of a new technology platform - exosome nanomedicine - which is targeting cancer.
Lauded fund manager Neil Woodford is among the investors backing the company through the placing.
Woodford Investment Management bought half the placing shares, and as a result its now owns 35.5% of the company, up from 26.63%.
The investment firm was granted a waiver so it does not have to make a mandatory offer as a result of the share subscription.
Admission of the Placing shares became effective this morning. The shares were priced at 5p, which was a small premium at the time of the announcement.
ReNeuron shares rose 6.77% to 5.12p today.