Business
Second Placing
Second Placing.
About this update from Immupharma Plc
[{"type":"text","content":"\n RNS Number : 7451Y Immupharma PLC 10 July 2008 \n \n\n\n\n\nFor Immediate Release\n\n\n10 July 2008\n\n\n\n\nImmuPharma raises additional £1.1 million (CHF 2.2 million) to advance development programmes \nImmuPharma PLC (LSE:IMM), ('ImmuPharma' or the 'Company'), the specialist drug discovery and development company, announces that it has raised additional proceeds of approximately £1.1 million (£1.07 million net of expenses) or approximately CHF 2.2 million principally from institutional investors based in Switzerland through a placing of 1,876,000 new ordinary shares of 10p each in the Company at a price of 60 pence per share. This represents the final tranche of the placing announced by the Company on 2 July 2008 (the 'Placing') and is subject to the same terms and conditions, as set out in the Appendix to this announcement.\nTotal funds raised in the Placing amount in aggregate to £2.7 million (£2.6 million net of expenses).\nAs stated in the announcement released on 2 July 2008, funds raised from the Placing will be invested in the continued development of the Company's clinical and preclinical pipeline, including facilitating the pursuit of grant opportunities. The Company's principal current assets include LupuzorTM, a long-term treatment for Lupus, the life threatening auto immune disease which is currently undergoing a Phase IIb trial in 200 patients, and IPP-204106, an anti-cancer drug candidate at the pre-clinical stage. \nThis final tranche of the Placing is conditional on the admission of the new ordinary shares to trading on AIM. Application will be made to the London Stock Exchange plc for the admission of the new ordinary shares to trading on AIM. It is expected that admission of the new ordinary shares will become effective and dealings will commence on AIM at 8.00 a.m. on 15 July 2008. The new ordinary shares will, when issued, rank pari passu with the existing ordinary shares of the Company. \...