Immupharma PLC Successful Placing to Raise £10 Million (7232C)
January 24 2018 - 2:00AM
UK Regulatory
TIDMIMM
RNS Number : 7232C
Immupharma PLC
24 January 2018
24 JANUARY 2018
ImmuPharma PLC
("ImmuPharma" or the "Company")
SUCCESSFUL PLACING TO RAISE GBP10 MILLION
ImmuPharma PLC (LSE:IMM), the specialist drug discovery and
development company, is pleased to announce that, in response to
institutional demand, it has completed a fundraise totalling GBP10
million (before expenses) via a placing of 6,944,445 new ordinary
shares of 10p each in the Company ("Ordinary Shares") at a price of
144p per share (the "Placing Shares") with new and existing
investors (the "Placing").
Key highlights:
GBP10 million (before expenses) raised for the Company via the
issue of Placing Shares:
-- Major new and existing institutional investors have participated in the Placing; and
-- ImmuPharma will apply these additional funds to support
future investment in ImmuPharma's P140 peptide platform. The
proceeds of the Placing will also provide the Company with
additional working capital.
Commenting on the announcement, Tim McCarthy, Chairman, said:
"With our recent key milestone being announced confirming the
completion of our Phase III trial of Lupuzor(TM), the Company is
now at an exciting and pivotal phase of its development. 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.
The proceeds of the Placing allow the Company to make investment
into potential indications emanating from the Company's P140
platform, in addition to lupus. The Placing further strengthens the
balance sheet and enhances ImmuPharma's position in ongoing and
future negotiations with potential partners for Lupuzor(TM).
We look forward to providing our shareholders with further
updates regarding the Lupuzor(TM) Phase III trial with key data
still on track to be announced before the end of Q1 2018."
Details of the Placing
The Placing was undertaken by Northland Capital Partners
Limited, the Company's Broker and Turner Pope Investments (TPI)
Ltd, who acted as Subscription Agent.
The Placing Shares will rank pari passu with the existing
Ordinary Shares and application has been made to the London Stock
Exchange for admission of the Placing Shares to trading on AIM
("Admission"). The Placing is conditional, inter alia, on
Admission, and dealings are expected to commence at 8.00am on 30
January 2018.
Total Voting Rights
Following Admission the Company's enlarged issued share capital
will comprise 139,467,430 Ordinary Shares with voting rights. The
figure of 139,467,430 Ordinary Shares may therefore be used by
shareholders in the Company as the denominator for the calculations
by which they will determine if they are required to notify their
interest in, or a change in their interest in, the share capital of
the Company under the FCA's Disclosure and Transparency Rules.
This announcement contains inside information for the purposes
of Article 7 of EU Regulation 596/2014 ("MAR"). In addition, market
soundings (as defined in MAR) were taken in respect of the Placing
with the result that certain persons became aware of inside
information (as defined in MAR), as permitted by MAR. This inside
information is set out in this Announcement. Therefore, those
persons that received inside information in a market sounding are
no longer in possession of such inside information relating to the
Company and its securities.
For further information please
contact:
+ 44 (0) 20
ImmuPharma plc (www.immupharma.com) 7152 4080
Tim McCarthy, Chairman
Lisa Baderoon, Head of Investor
Relations + 44 (0) 7721
Twitter: @immupharma 413496
Northland Capital Partners Limited
David Hignell, Jamie Spotswood,
Corporate Finance +44 (0)20 3861
Rob Rees, Corporate Broking 6625
Turner Pope Investments (TPI)
Limited +44 (0)20 3621
Andy Thacker, Corporate Broking 4120
This information is provided by RNS
The company news service from the London Stock Exchange
END
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