4d Pharma ups stake in biologics firm

NEWLY-floated Manchester drug development company 4d Pharma has acquired a further chunk of GT Biologics in a £1.22m deal.

4d’s purchase of 37.5% of the Scotland-based university spin-out will take its stake to 83.5%. It is issuing 699.500 new shares at 175p per share to fund the deal.

For the year ended December 2013, GT had gross assets of £525,408 and recorded a loss of £1,06m. The Aberdeen firm has no turnover.

GT Biologics has developed a platform for the discovery and development of novel live biotherapeutics and also has a patented lead candidate in pre-clinical development for the treatment of an important inflammatory disease in the bowel.

Duncan Peyton, chief executive of 4d pharma said: “We are delighted to have increased our ownership of GT, an important part of the stated strategy of the Company at the time of its admission to AIM, and we look forward to the continued accelerated development of GT’s live biotherapeutic candidates”.

4d stands for: discover; deal; develop and deliver. It raised £16.5m when it joined the AIM market in February.