Incanthera PLC(LON:INC), the cancer drug developer, has raised £1.14mln through an oversubscribed placing at 12p per share to commercialise its skin-applied solar keratosis treatment Sol.
The company started looking at potential commercial partners last year and in February said it was focussed on discussions with two possible global cosmetic companies.
The net proceeds extend Incanthera’s existing cash runway into the second half of 2022, it said, and provide funds to progress discussions in respect of a potential commercial deal for Sol from a strong financial position.
Sol is a proprietary topical formulation designed to deliver into the skin an active known to treat solar keratosis and prevent the formation of skin cancers.
Two studies last year to test Sol’s permeation across the skin barrier and safety profile on human skin surpassed expectations.
The placing price represented a discount of 6.6% to the closing mid-market price of 12.85p last night, with the new shares including a warrant for one share at 20p.
Tim McCarthy, chairman, said: “The company is delighted at the results of this placing and the support from existing and new shareholders, at an important time for Incanthera.
“Our recent commercial update highlighted the progress we have made towards a commercial deal on Sol. The security of the additional funding allows the management team to concentrate on concluding the current negotiations.”