Drugs discovery firm exceeds share placing target with £1.6m take-up

C4XD

C4X Discovery Holdings, the Manchester-based drugs discovery business, managed to raise £1.6m in a share placing.

It announced last Friday morning that it planned to generate around £1m with the issue of new equity, priced at 15p per share.

The issue price represented a premium of 5.3% to the company’s mid-market closing price on May 6.

Panmure Gordon conducted an accelerated bookbuilding process on Friday morning to determine demand for participation in the placing by potential placees. No shares were available for the public.

C4X said it estimated that the net proceeds of the £1m placing, if successful, were expected to provide the company with at least 12 months’ working capital.

A total of 10,836,700 placing shares were placed by Panmure Gordon. Polar Capital, a substantial shareholder of the company, subscribed for 5,000,000.

C4X Discovery Holdings chief executive Dr Clive Dix said: “We would like to thank Polar Capital and our other new and exisiting investors for their active support of C4XD and continued belief in our vision.

“It is encouraging to see investor understanding of the ongoing long-term contribution of the life sciences industry and the value of innovative, early-stage drug discovery amidst the uncertainties generated by the COVID-19 pandemic.

“These additional resources will support our continuing scientific progress and commercial discussions across our portfolio.”

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