12th May 2020 18:09
(Alliance News) - Hemogenyx Pharma PLC on Tuesday said it has raised GBP2.5 million via an oversubscribed placing of 35.7 million shares priced at 7 pence each.
The funds will be used to progress the biopharmaceutical firm's "studies into the use of its advanced humanised mice for the potential development of human neutralising antibodies to be used against Covid-19 and related Covid-19 work".
The funds will also help advance studies for HEMO-CAR-T, Hemogenyx's product candidate in development as a possible blood cancer treatment, and will be used for working capital purposes.
The fundraise is conditional on shareholder approval at the company's June 4 annual general meeting. Once placing shares are admitted, Hemogenyx will have 433.0 million shares in issue.
Chief Executive Vladislav Sandler said: "We are gratified by the greater recognition that is now being given to the work that Hemogenyx is doing. We have raised these funds to support two initiatives that we have announced: our recently initiated studies into the use of our advanced humanised mice in the development of new treatments to fight viral infection, in particular isolating human neutralising antibodies in the fight against Covid-19, and our ongoing work into the development of HEMO-CAR-T, which could, if successful, provide a new and potentially effective treatment for AML and other blood cancers."
Shares in Hemogenyx ended 7.0% lower at 8.70 pence in London on Tuesday.
By Anna Farley; [email protected]
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