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Shield Therapeutics PLC on Thursday said it has raised £2.6 million through an open offer.
In December, the Gateshead, England-based commercial-stage pharmaceutical firm said it plans to raise £18.6 million in total, including an aggregate £14.7 million from placing and subscription at a price of 6.00 pence, alongside raising a further £3.9 million via an open offer to shareholders of 64.3 million shares.
It noted the issue price represented an 11% discount to the share closing price on December 12, the last business day before the announcement. Shares in Shield Therapeutics traded down 3.6% at 6.80p each in London on Tuesday morning.
On Thursday, Shield Therapeutics said it had raised GP2.6 million through the open offer. In total, the company has offer 43.3 million shares at 6.00p, this represents 67% of the total number of open offer shares available to shareholders.
As part of the open offer, Non-Executive Director Christian Schweiger bought 1.5 million shares, worth £90,000.
In total, Shield Therapeutics has raised around £17.7 million by way of the placing, subscription and open offer.
Chief Executive Greg Madison said: ‘We are extremely pleased to have concluded the fundraise with a successful open offer raising approximately £2.6 million. The open offer along with the £15.1 million equity fundraise announced in December, will enable Shield to accelerate the revenue growth of Accrufer in the
US.’
By Sophie Rose; Alliance News reporter
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