17th Apr 2019 13:17
LONDON (Alliance News) - Evgen Pharma PLC said Wednesday it raised GBP5.0 million via issue of shares in an oversubscribed placing.
The clinical stage drug development company issued 13.1 million shares at 15 pence each via unconditional placing and further 20.3 million shares at the same price in a conditional issue subject to shareholders' approval.
Evgen Pharma shares were trading up 3.4% at 16.80p each on Wednesday afternoon.
The company said it will use the net funds raised from the placing to strengthen its balance sheet for future partnering, developing product formulation and conducting further toxicology studies.
The shares issued in the unconditional tranche of the placing are expected to be admitted to trading on AIM on Thursday, while the second tranche is expected to start trading on May 9, if approved at a general meeting to be held on May 8.
finnCap Ltd and WG Partners LLP acted as joint brokers and bookrunners to the company in relation to the placing.
Related Shares:
EVG.L