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ImmuPharma raises £10m following investor demans
Specialist drug discovery and development company ImmuPharma announced on Wednesday that, in response to institutional demand, it has completed a fundraise totalling £10m before expenses via a placing of 6,944,445 new ordinary shares at a price of 144p per share, with new and existing investors.
The AIM-traded firm said it would apply the additional funds to support future investment in its P140 peptide platform.
It also said the proceeds of the placing would provide it with additional working capital.
"With our recent key milestone being announced confirming the completion of our Phase III trial of Lupuzor, the company is now at an exciting and pivotal phase of its development," said ImmuPharma chairman Tim McCarthy.
"We were approached by new institutions, introduced by Turner Pope Investments, keen to support ImmuPharma over the next period of growth.
"We are therefore delighted to be able to announce this Placing that includes both new and existing institutions to support our continued development."
McCarthy said the proceeds of the placing would allow the company to make investment into potential indications emanating from its P140 platform, in addition to lupus.
The placing also further strengthened the balance sheet, and enhances ImmuPharma's position in ongoing and future negotiations with potential partners for Lupuzor, he added.
"We look forward to providing our shareholders with further updates regarding the Lupuzor Phase III trial with key data still on track to be announced before the end of Q1 2018."