Business
OBD raises £3.62 million
OBD raises £3.62 million.
About this update from Oxford Biodynamics Plc
[{"type":"text","content":"\n \n \n \n RNS Number : 1754Q\n Oxford BioDynamics PLC\n 25 October 2021\n \n \n \n \n \n \n \n Oxford BioDynamics plc\n \n \n Subscription raising £3.62 million, trading update, posting of circular \n \n \n and\n \n \n Notice of General Meeting\n \n \n \n \n \n Oxford, UK - 25 October 2021 -\n Oxford BioDynamics Plc (AIM: OBD, \"OBD\", \"the Company\" and, together with its subsidiaries, \"the Group\"), \n a biotechnology company developing targeted clinical diagnostic tests for immune health using its EpiSwitch®3D genomics technology, announces that it has raised £3.62 million (US$ 5 million) by way of a Subscription for 7,791,803 newly-issued ordinary shares of 1p each (the \"Subscription Shares\"), from leading US-based healthcare fund, Armistice Capital Master Fund Ltd (\"Armistice Capital\") at a price of 46.5 pence per Subscription Share (\"Subscription Price\").\n \n \n In addition, the Company has agreed to issue Armistice Capital 7,791,803 warrants to subscribe for new ordinary shares (\"Warrants\"). The Warrants have an exercise price of 58.125 pence, representing a 25 per cent. premium to the Subscription Price.\n \n \n \n \n \n Key features of the Subscription and Warrants\n \n \n · \n The Subscription Price of 46.5 pence per New Ordinary Share is equal to the closing mid-market price on 22 October 2021\n \n \n · \n The 7,791,803 Subscription Shares have been issued under existing shareholder authorities and represent 8.42% of the issued share capital immediately before the Subscription\n \n · \n The Company will also issue to Armistice Capital, conditional on the approval of shareholders in a General Meeting, warrants to subscribe for 7,791,803 new ordinary shares. The Warrants are exercisable for cash between one and five years from the date of issue.\n \n \n \n \n Rationale for Subscription and Warrant Issue and Use of Proceeds \n \n \n OBD has achieved several key milestones this year as it has pursued its \n \n expanded strategic focus\n \n . Commercially, the Company has launched EpiSwitch® CST - its COVID-19 Severity Test - in the US and its EpiSwitch® Explorer Array Kits to the research community. In August 2021, OBD's EpiSwitch® diagnostics platform was \n \n awarded a prestigious US FNIH \n \n Partnership for Accelerating Cancer Therapies (PACT) Grant. The Gro...