IN BRIEF: Solvonis Therapeutics placing raises GBP1.3 million
Solvonis Therapeutics PLC - London-based biopharmaceutical company focused on central nervous system disorders - Conditionally raises gross proceeds totalling GBP1.3 million through a placing of 1.08 billion new shares at 0.12 pence each, a discount of approximately 14% to its closing price of 0.14p on Monday, with new and existing investors. Notes that the placing "includes participation from a noted UK institutional investor as a new entrant to the company's shareholder register." Solvonis says the net proceeds will mainly support the assessment and potential addition of selected international sites, including in the EU, for the ongoing SVN-001 phase 3 study; advancing SVN-002 towards an investigational new drug submission and readiness for phase 2b testing; and progressing SVN-015 alongside the US National Institute on Drug Abuse. Company hopes to include EU patient data within the phase 3 dataset for SVN-001, and to "potentially strengthen future regulatory submissions and commercial discussions in selected European markets." Also notes that NIDA previously selected SVN-015 for further evaluation under its Addiction Treatment Discovery Program, and expects the next stage to include further confirmatory and in vivo studies. Read More