22nd Nov 2021 19:12
Roquefort Investments PLC - London-based investor in early-stage medical biotechnology businesses - Looks to raise GBP3.0 million through the issue of 30.0 million shares at a price of 10 pence per share through a placing.
Proceeds from the placing will go towards funding the cash component for the acquisition of Lyramid Pty Ltd for GBP1 million. Proceeds will also go towards pre-clinical drug development and working capital.
Roquefort will hold a general meeting on December 13 to seek shareholder approval for the issue of shares under the placing and the company changing its name to Roquefort Therapeutics PLC.
"We are delighted to have conditionally raised GBP3 million. We experienced substantial investor demand and the placing was significantly oversubscribed. We would like to thank the new investors and our existing shareholders for endorsing the highly attractive Lyramid opportunity that we secured within 6 months of our IPO," says Executive Chair Stephen West.
"We believe that the Lyramid pre-clinical programme, utilising oligonucleotide drugs, has the potential to deliver ground breaking advances in the treatment of several disease targets including COVID-19, cancer, autoimmune disorders and chronic inflammation - and that this can be achieved rapidly and at a significantly lower cost than historical traditional drug methods," West adds.
Current stock price: 12.50p
Year-to-date change: up 85%
By Dayo Laniyan; [email protected]
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