Business
Placing
Placing.
About this update from Ixico Plc
[{"type":"text","content":"\n Phytopharm PLC\n01 March 2007\n\n\nCompany Contact: U.K. Investor Relations Contact:\nPhytopharm plc Financial Dynamics\nDr Daryl Rees CEO David Yates\nMr Piers Morgan CFO Ben Atwell\n+44 1480 437 697 +44 207 831 3113\nwww.phytopharm.com\n\n\n Placing of New Ordinary Shares raises £1.7 million\n\n\nGODMANCHESTER, Cambridgeshire, U.K. (1March 2007) - Phytopharm plc (LSE: PYM) \n('Phytopharm' or the 'Company') today announces that it has raised approximately\n£1.7 million before expenses (£1.5 million after expenses) by way of a\nconditional placing (the 'Placing') of 4,425,416 new ordinary shares of 1 pence\neach in the Company ('Ordinary Shares'). The proceeds will be used to\nstrengthen the Company's balance sheet and continue the development of its\nproducts.\n\nPhytopharm has a strong product development portfolio, in particular its Hoodia\ngordonii functional food for dietary weight loss which is partnered globally\nwith Unilever, and its Myogane and Cogane pharmaceutical neurological products,\nwhich are currently in Phase I and II clinical development respectively.\nPhytopharm also has a global partnership with Schering Plough for its veterinary\nproduct, PhytopicaTM, which is currently marketed in the UK with launches\nanticipated in major European territories in the second quarter of 2007.\n\nThe Placing represents 8.65 per cent. of the Company's issued share capital\nprior to the Placing. The new Ordinary Shares have been placed with a range of\ninstitutional investors by Teather & Greenwood Limited at a placing price of 38\npence per new Ordinary Share, which is within the quoted bid / offer spread\nprice on the London Stock Exchange at 12.00 noon today. The Placing was\nundertaken pursuant to a resolution of shareholders at the Company's Annual\nGeneral Meeting on 23 January 2006 which approved the disapplication of\nshareholders' pre-emption rights in relation to 10 per cent. of the then issued\nshare capital of the Company.\n\nApplication will be made on 2nd March 2007 for the new Ordinary Shares to be\nadmitted to the Official List and to the London Stock Exchange for such shares\nto be admitted to trading on the London Stock Exchange's market for listed\nsecurities ('Admission'). The Placing is conditional on Admission, which is\nexpected to become effective on 7 March 2007. When issued, the new Ordinary...