31st Oct 2013 13:55
LONDON (Alliance News) - Specialist pharmaceutical technology company, Oxford Pharmascience Group PLC Thursday said it has raised GBP4 million, before expenses, through the placing of 100 million new shares into the market.
The company said that shares were priced at a price of 4 pence per share, with discretionary funds managed by Invesco Asset Management Limited and certain other investors. It said that the share placing represented roughly 10% of the company.
Oxford Pharmascience said the new proceeds will be used to further accelerate the development of its business, which focuses on the redevelopment of already approved oral prescriptions and over-the-counter products, including chewable tablets and the development of ibuprofen products.
"The raising of additional funds allows us to further expand our program of pilot clinical studies. We have already announced our program for ibuprofen, and these funds allow us to simultaneously work on diclofenac and naproxen, widely prescribed for more severe pain and aspirin which is widely used to help combat cardiovascular disease," said Chief Executive Officer Nigel Theobald in a statement.
The stock was trading 0.9% lower Thursday midday, at 4.31 pence per share.
By Rowena Harris-Doughty; [email protected]; @rharrisdoughty
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