Arix BioScience Raises GBP87.0 Million In Placing To Fund Investments (ALLISS)

16th Mar 2018 09:40

LONDON (Alliance News) - Healthcare and life sciences firm Arix BioScience PLC raised GBP87 million Friday from a share placing priced above the current share price in order to fund further development of its investment pipeline and products.

Arix issued 38.6 million shares at the placing price of 225 pence each. Shares in Arix were 1.8% lower at 214.02 pence on Friday.

After admission - expected next Tuesday - Arix will have 134.8 million shares outstanding.

In late February, Arix proposed raising up to GBP100.0 million through the issue of a maximum of 44.4 million new shares in a firm placing, a placing, and an offer for subscription.

"Since the inception of Arix, just over 2 years ago, we have raised in excess of GBP250 million to pursue our goal of accessing breakthroughs in life sciences and accelerating their development into important new medical treatments," Arix Chief Executive Officer Joe Anderson said.

"We have built interests in 13 promising young businesses, to date, and see significant potential for value creation among them in the year ahead," Anderson added. "We continue to evaluate other opportunities in high quality, science-based businesses and the financing announced today will enable us to embrace these for the benefit of our shareholders."

Arix said the placing should allow it to take advantage of its pipeline and bring to market further medical and therapeutic products.

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