e-Therapeutics PLC (LON:ETX) raised £22.5mln in an equity funding, comprising a placing and a retail offer.
The company initially announced a £20mln funding after market close on Thursday then this morning confirmed it had raised additional funds.
A total of 93.75mln new shares are being issued at a price of 24p. The placing sees 81.2mln shares bought for £19.49mln of gross proceeds and the offer will comprise 3.8mln shares to raise £2.09mln.
Proceeds are earmarked for the expansion of the company’s proprietary, disease-agnostic, drug discovery and development platform capabilities and asset pipeline, the company said.
Specifically, the company sees opportunities including the generation of experimental proprietary data, advancing up to three RNAi therapeutic programmes through preclinical development, and pursue a First in Human (FIH) clinical study for one RNAi asset to provide extra validation.
The company also intends to further develop its computational platform and to explore RNAi in other cell types.
"I am excited by the potential of e-therapeutics' proprietary platform technologies to meaningfully transform and accelerate the drug discovery process, especially when combined with RNAi as a therapeutic modality,” said chief executive Ali Mortazavi.
“The prospect of being able to accelerate the development our in-house RNAi pipeline through enhanced investment in our hepatocyte data set and computational capabilities confirms my belief in our business model.
“Partnering around our in-silico discovery engine will continue to be an important focus.”
The placing was run by stockbroker SP Angel as sole bookrunner and broker.