Enact Pharma Receive
Further Support by NOIT Bringing the Total Investment to £1.8 Million
Wednesday
9th October 2002. Enact
Pharma, the market driven biopharmaceutical company, is pleased to
announce that New Opportunities Investment Trust ("NOIT") has
subscribed for 2,051,282 of the Company's shares at 19.5p, a total value
of £400,000. The price paid represents an 11.4% premium over the
Company's mid market price at the close of business on 8th
October 2002. Taken in conjunction with the previous investment,
this takes the total investment by NOIT in the company to some £1.8
million at an average investment price of 28.3p. NOIT now hold
6,332,482 of the Company's shares representing 16.87% of the issued share
capital.
Professor
Tony Atkinson, CEO commented: "Given the current difficult capital
markets the Board of Enact Pharma are pleased to have been able to obtain
such a substantial investment in support and recognition of the Company's
impressive drug development pipeline, programmes and it's platform
technologies and particularly our focus on generating early revenues and
profitability."
Enact
Pharma in turn has agreed to subscribe for 400,000 redeemable ordinary
shares in NOIT at a par value of £1 per share and 80,000 warrants to
subscribe for further redeemable ordinary shares in NOIT at par.
Both the NOIT redeemable ordinary shares and the NOIT warrants are listed
on the London Stock Exchange. It is the intention of the Company to
place these shares and warrants for cash over the next few months to meet
the Company's funding requirements.
-ends-
For
Further Information
Scott
Learmouth/Mel Choi
WMC Communications ltd
Tel: +44 (0) 2075913999
Email:
melissa.choi@wmccommunications.com
About
Enact:
Enact
Pharma is an emerging biopharmaceutical company. An OFEX listed company,
Enact Pharma has focused on the research and development of anti-cancer
therapies and other products for the treatment of neuropathological
diseases. Enact is the result of a merger in April 2000 between Enzacta
and Kymed. The Company is based in the UK, with a research and development
facility at Porton Down near Salisbury, and offices at Salisbury and
Heyford Park.
Enact's
strengths are a committed management and scientific team, a strong product
portfolio, which has now been developed and validated to enter clinical
trials, and its ability to both identify and create commercial
opportunity. The Company is now in a position to proceed independently to
a Phase I trial of its lead product NQ02. The NQ02 clinical trial will
create the first major step increase in company value and initiate a
significant revenue flow to develop the Company's rich product portfolio.
Visit
our website at: www.enactpharma.com
Mel
Choi
Senior Account Manager
WMC Communications
7 Cheval Place
London SW7 IEW
Ph:
+44 (0)207 591 3999
Fax: +44 (0)207 591 3910
www.wmccommunications.com
