Shield Therapeutics PLC (LON:STX) said the open offer portion of its latest fundraising was significantly oversubscribed with applicants including the directors having to be scaled back.
Tim Watts, chief executive, said: "On behalf of the Board, I would like to acknowledge the strong support shown by the company's shareholders and a number of new institutional investors for the equity financing announced last month.
Through a placing, subscription (£25mln) and the open offer (£4.2mln), Shield raised £29.2mln, which will be used to launch iron deficiency treatment Accrufer in the US.
“We will be continuing to develop our launch plans for Accrufer in the United States over the coming weeks and the board believes that this strategic initiative has the potential to generate significant returns for our shareholders," Watts added.