Business
Result of Placing
Result of Placing.
About this update from Arecor Therapeutics Plc
[{"type":"text","content":"\n \n \n THE INFORMATION CONTAINED WITHIN THIS ANNOUNCEMENT IS DEEMED BY THE COMPANY TO CONSTITUTE INSIDE INFORMATION AS STIPULATED UNDER ARTICLE 7 OF THE EU REGULATION 596/2014 AS IT FORMS PART OF THE UK LAW BY VIRTUE OF THE EUROPEAN UNION (WITHDRAWAL) ACT 2018 (\"MAR\"). UPON THE PUBLICATION OF THIS ANNOUNCEMENT VIA A REGULATORY INFORMATION SERVICE, THIS INFORMATION IS CONSIDERED TO BE IN THE PUBLIC DOMAIN.\n \n \n THIS ANNOUNCEMENT AND THE INFORMATION CONTAINED IN IT, IS RESTRICTED AND IS NOT FOR PUBLICATION, RELEASE OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN WHOLE OR IN PART, TO U.S. PERSONS OR IN OR INTO THE UNITED STATES, AUSTRALIA, CANADA,\n \n JAPAN, NEW ZEALAND OR THE REPUBLIC OF SOUTH AFRICA OR ANY OTHER JURISDICTION IN WHICH IT WOULD BE UNLAWFUL TO DO SO.\n \n \n 1 August 2022\n \n \n \n Arecor Therapeutics plc\n \n \n \n (\"Arecor\" or the \"Company\" or the \"Group\")\n \n \n \n Result of Placing\n \n \n \n Arecor Therapeutics plc (AIM: AREC), a globally focused biopharmaceutical company advancing today's therapies to enable healthier lives, is pleased to announce that further to the announcement made earlier today (the \"Launch Announcement\"), an aggregate of 2,000,000 Placing Shares have been successfully placed by Panmure Gordon with institutional and other investors at a Placing Price of 300 pence per ordinary share to raise a total of £6.0 million for the Company (before expenses). This includes participation in the Placing by certain of the Company's Directors, who have subscribed an aggregate of £113,271 at the Placing Price for 37,755 Placing Shares.\n \n \n The net proceeds of the Placing will be used to support the acquisition of Tetris Pharma which the Directors believe will help realise Arecor's vision of becoming a significant self-sustaining biopharmaceutical business. In particular, the proceeds will be used to provide working capital to Tetris Pharma to accelerate the roll-out of Ogluo\n ®\n across the UK and Europe as set out in the Launch Announcement, alongside payment for initial Ogluo\n ®\n inventory and historic one-off liabilities of Tetris Pharma.\n \n \n The Acquisition is conditional, inter alia, on completion of the Placing. The Placing in relation to the EIS/VCT Placing Shares remains conditional on, inter alia, EIS/VCT Admission. The Placing in relation t...