Drug discovery company C4X Discovery Holdings plc (LON:C4XD) is to raise up to £7mln through a placing of shares.
The company is looking to place up to 8.24mln shares, representing around 22% of the existing share capital.
The funds raised will strengthen the company’s balance sheet as partnering discussions and strategic collaborations progress. The company is looking to complete at least one revenue-generating deal on the C4XD portfolio in the next 12 months.
The proceeds will also enable the company to expand its commercial capability and will provide working capital during the expansion of its pipeline portfolio.
“This fundraise will enable us to accelerate towards our goal of becoming the world's most productive, self-sustaining drug discovery engine. We will use the funds to expand our commercial capabilities and continue building our portfolio of commercially attractive pre-clinical assets," said Clive Dix, chief executive officer of C4X.