ImmuPharma PLC (LON:IMM), the specialist drug discovery and development company, has today announced a proposed placing, raising a minimum of £3 million (before expenses), via the issue of new ordinary shares of 10p each (“Ordinary Shares”) to new and existing investors (the “New Share Placing”).
The New Share Placing will provide ImmuPharma with additional working capital and will further strengthen the Company’s balance sheet as negotiations continue with potential partners for Lupuzor™, its lead programme currently in a pivotal Phase III trial. Additionally, further investment in ImmuPharma’s earlier stage portfolio and in its P140 peptide platform is also planned.
The New Share Placing is being offered by way of an accelerated bookbuild (“Bookbuild”), which will be launched immediately following this announcement. It is proposed that the New Share Placing will be executed at a price of 52p per share (the “Placing Price”). Northland Capital Partners Limited will be acting as sole bookrunner in connection with the Bookbuild.
It is expected that the finalisation of the Bookbuild will commence shortly after the Bookbuild’s launch is announced and a further announcement will be made to confirm its completion in due course.