By Laura Lutz
Des Moines, Oct. 25 - Evolutec Group plc raised £2,783,726 in a private placement of shares.
The company sold 2,359,090 ordinary shares at 118p each, an 8% discount to the closing price of the company's shares on Oct. 24.
The deal was approved by shareholder at a general meeting on April 26.
A majority of the proceeds will be used for development of rEV131, a histamine binding molecule that is the company's lead product development candidate. The rest of the proceeds will be used to conduct safety studies and develop a clinical-grade manufacturing process for rEV576, an inhibitor of complement action and the company's second product development candidate.
Settlement is expected Oct. 27.
Following the placement, the company will have 25,949,996 ordinary shares outstanding.
Based in Reading, U.K., Evolutec is a biopharmaceutical company focused on allergic, inflammatory and autoimmune diseases.
| Issuer: | Evolutec Group plc
|
| Issue: | Shares
|
| Amount: | £2,783,726
|
| Shares: | 2,359,090
|
| Price: | 118p
|
| Warrants: | No
|
| Announcement date: | Oct. 25
|
| Settlement date: | Oct. 27
|
| Stock symbol: | London: EVC
|
| Stock price: | 128.74p at close Oct. 25
|
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