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Solvonis Therapeutics PLC on Friday said it raised £1.0 million gross from subscriptions to new shares, and this will fund development of drugs treating addiction and other mental health disorders. The London-based pharmaceutical company sold 333.3 million shares at 0.30 pence each, a slight premium to Thursday’s closing share price of 0.29p. Solvonis shares were up 20% to 0.35p on Friday morning in London, giving the company a market capitalisation of £20.6 million. Solvonis said the subscriptions were by three of its largest shareholders, whom it didn’t name. The fresh funds will be used to identify and validate early candidates in an ‘AI-supported central nervous system drug discovery programme’, Solvonis said. The scheme prioritises treatments for depression and stimulant addiction, ‘areas traditionally marked by low investment and slow innovation’, Solvonis noted. Back in June, Solvonis was granted a US patent for compounds that are part of the programme. ‘We are pleased to receive this investment from our largest and longest-standing shareholders,’ said Chief Executive Anthony Tennyson. ‘Their continued conviction supports our strategy to lead innovation in addiction and mental health therapeutics, including the acceleration of our proprietary AI-supported discovery platform.’ The antidepressant market was valued at an estimated £15 million in 2024, according to consulting firm Global Market Insights, with an expected growth rate of 7.5% compounded annually to 2034. Though the FDA has approved medication treating opioid addiction, Solvonis pointed out the lack of legal treatments for cocaine and amphetamine dependency. Copyright 2025 Alliance News Ltd. All Rights Reserved.
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