e-Therapeutics (LON:ETX) has wrapped up its two placings, raising £40mln for the drug discovery and development company.
It comes after the company gained the backing of shareholders for the equity issue, meaning that the second placing of 120.25mln shares could be completed.
The new shares were placed at 32p each, a premium of 1.25p to the market price of e-Therapeutics at the close of the day before the fund raising was announced.
Following the proposed issue, which needs to be ratified by shareholders, the company will have pro-forma net cash and liquid resources of about £48 million.
The company believes it now has enough money to carry out all its planned discovery and development activities into 2017, at which point the company believes it should have a licensing deal in the bag for its lead cancer drug, ETS2101.
Early and very limited results from e-Therapeutics’ phase I trial of ETS2101 have not yet revealed any “dose limiting toxicities” or other adverse effects.
So far, 12 patients have been given low doses of the treatment in phase I studies, which are designed to test the safety and tolerability. The amount administered will be increased over time.
Shared edged 2.4% lower this morning.
