20th Dec 2021 10:15
(Alliance News) - Shares in ImmuPharma PLC soared on Monday morning after the announcement of the completion of a GBP3.6 million fundraise at a "significant premium" to the current share price.
ImmuPharma shares were 24% higher at 7.55 pence each in London on Monday morning.
Shares rose after ImmuPharma completed a GBP3.6 million raise, after the placing and subscription of 32.3 million shares at 11 pence each.
The proceeds of the raise will be used primarily to fund investment into research and development and for general working capital, ImmuPharma explained.
A total investment of GBP1.2 million will come from Alora Pharmaceuticals, the parent company of ImmuPharma's partner, Avion Pharmaceuticals.
Additionally, ImmuPharma secured a GBP2.2 million subscription from investment firm Lanstead.
"Our corporate repositioning since the board changes in August continues at a pace," said Chief Executive Tim McCarthy.
"These have been recognised by our long term shareholder Lanstead, a firm supporter of ImmuPharma since 2016. We are also delighted that our partner, Alora Pharmaceuticals has also recognised the shift in the company's investment and corporate proposition, supporting this fundraising at a significant premium to our current share price."
ImmuPharma now has 284.9 million shares issued overall.
By Will Paige; [email protected]
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