6th Sep 2016 08:23
LONDON (Alliance News) - Drug discovery firm C4X Discovery Holdings PLC on Tuesday said it has raised GBP5.0 million via a placing with new and existing investors to progress its pipeline.
C4X said it has issued 4.9 million shares at 102.00 pence per share to raise the funds, with the placing handled by nominated adviser and broker Zeus Capital. C4X shares were down 5.2% at 101.00p on Tuesday morning.
The company said the funds will be used to progress its pre-clinical pipeline and to invest in new lead compounds against valuable drug targets. The proceeds also will be used for general working capital purposes.
Calculus Capital Ltd, an early-stage and venture capital investor, has agreed to invest GBP3.0 million via the placing as a cornerstone investor. That will give Calculus a 7.9% stake in C4X after the placing. Polar Capital LLP, another new investor, also will participate.
In addition, Clive Dix, the chief executive of C4X, will invest GBP475,000 in the placing, increasing his stake in the company to 3.1%.
By Sam Unsted; [email protected]; @SamUAtAlliance
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