C4X Discovery Holdings PLC (LON:C4XD) has raised a total of around £15mln, before expenses, to strengthen its balance sheet while it is in partnership discussions and provide working capital for its drug development programmes.
The group said a total of 99,169,286 units and 7,973,572 EIS/VCT shares have been placed, conditionally, by Panmure Gordon at an issue price of 14.0p each. The placing shares represent approximately 89.9% of the issued ordinary share capital of the company prior to the placing.
The net proceeds of the placing of approximately £14.5mln are expected to provide the company with at least twelve months working capital. Polar Capital, a substantial shareholder, subscribed for 19mln units.
In a statement, Clive Dix, C4X Discovery’s chief executive, said: "Whilst 2020 has presented many challenges to the pharmaceutical industry, at C4XD, we have continued to make significant headway across our portfolio.
"Indivior has taken our first partnered molecule into a Phase 1 clinical trial for the treatment of opioid addiction with topline data expected next year. Our key programmes continue to demonstrate progress and generate positive data.
"We appreciate the ongoing support we have received from our shareholders and partners, and remain focused on, and confident in, delivering the next generation of out-licensing opportunities."
C4X shares were trading 1.5% lower at 15.5p in late afternoon trade.