Shield Therapeutics Completes £12M Fundraising

17:37 EDT 20 Jun 2017 | BioNow

Newcastle-based Shield Therapeutics has completed its £12m fundraising. The pharmaceutical firm yesterday revealed plans to raise the money through a co-ordinated exercise of existing warrants at an exercise price of 150p per share to raise approximately £10.3m, a placing of new ordinary shares at 150p per share to raise about £1.5m and a subscription of new ordinary shares at 150p per share by certain directors and a senior manager to raise £145,000.Liberum Capital and Peel Hunt are acting as joint bookrunners in respect of the placing. The proceeds will be used to fund increased commercialisation activities for the company's Feraccru product, an oral treatment for iron deficiency anaemia, in the UK and Germany and provide further working capital up to the end of Q1 2018. Carl Sterritt, chief executive and co-founder of Shield Therapeutics, said: "We are delighted with the support shown by existing shareholders that have chosen to exercise their warrants as well as those that have taken part in the placing. "I look forward to our future with enhanced confidence, underpinned by our expanded activities and the key events that we expect to report on in the near term."

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