1st Mar 2016 11:01
LONDON (Alliance News) - Investment company Onzima Ventures said it has acquired a 49% stake in N4 Pharma Ltd in cash and shares.
Onzima will pay GBP41,000 in cash for the stake, plus issue 24.3 million shares.
No pricing was provided on the shares, but at its current price of 0.6611 pence per share, up 20% on the day Tuesday, the total value of the share component is around GBP160,647. In total, the deal is worth around GBP200,000.
N4 is developing new version of widely-used existing drugs, with a focus at present on a 'faster acting' version of viagra, the erectile dysfunction medication. It was founded by Nigel Theobald, a former executive at pharmacy chain Alliance Boots and ex-CEO of Oxford Pharmascience Group PLC.
Theobald said the funding would help N4 continue progress on developing its portfolio.
By Sam Unsted; [email protected]; @SamUAtAlliance
Copyright 2016 Alliance News Limited. All Rights Reserved.
Related Shares:
ONZ.L