Business
Placing and Subscription Raises £8.3 million
Placing and Subscription Raises £8.3 million.
About this update from Immupharma Plc
[{"type":"text","content":"\n \nRNS Number : 2521O Immupharma PLC 05 February 2016 \n\n 5 FEBRUARY 2016\nImmuPharma PLC\n \nPlacing and Subscription Raises £8.3 million\n \nImmuPharma PLC (LSE:IMM) (\"ImmuPharma\" or the \"Company\"), the specialist drug discovery and development company, is pleased to announce the successful completion of the conditional fund raise, comprising the Placing and Subscription, announced earlier today.\nThe Company has conditionally raised, in aggregate, £8.3 million (before expenses) by way of the placing of 14,901,800 new ordinary shares of 10 pence each in the Company (\"Placing Shares\") at the Placing Price of 26 pence per share to raise £3.9 million and the subscription of 17,021,277 Subscription Shares by Lanstead at the Issue Price of 26 pence per share to raise £4.4 million. The Subscription has been completed pursuant to a related Sharing Agreement, the terms of which were provided in the announcement made earlier today. The net proceeds of the Placing and Subscription receivable by the Company will be used to fund the pivotal Phase III clinical trial of Lupuzor™, the Company's lead programme for the potential breakthrough compound for Lupus.\nIn total, the 32,774,141 new Ordinary Shares to be issued, in respect of the Placing Shares, Subscription Shares and the 851,064 Value Payment Shares (the \"New Ordinary Shares\"), represent approximately 37.0 per cent. of th...