18th Oct 2024 12:44
Oncimmune Holdings PLC - Nottingham, England-based autoantibody profiling research services to pharmaceutical and biotechnology industry to enable delivery of precision medicine - Recapitalises two-thirds of its debt and launches a new share offer to raise funds to support recent contract wins and prepare for its "next stage of growth".
Seeks to raise GBP2.3 million from a share placing, subscription and retail offer, all at 15 pence per share. Oncimmune aims to sell at least 11.5 million new shares to raise GBP1.7 million in a placing run as an accelerated bookbuild by brokers Cavendish and Zeus. It aims to raise a further GBP275,000 from a subscription for at least 1.8 million shares by some directors and existing shareholders. A retail share offer of up to 2.0 million shares could raise an additional GBP300,000.
At the same time, EUR4.0 million in existing debt will be converted into equity at the same price of 15p per share. That will leave EUR4.0 million in principal debt outstanding for Oncimmune.
Plans to hold a general meeting around November 8 to approve the fundraise.
Current stock price: 15.50p, up 12% on Friday in London
12-month change: down 9.1%
By Tom Waite, Alliance News editor
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