IS Pharma raises £3.6m

NORTH West pharmaceutical group IS Pharma has raised £3.6m after placing 4.6 million shares with healthcare investor Abingworth.

The deal means London-based Abingworth is now the firm’s largest shareholder with 13%.

The placing price of 77p represented a 9% premium to the closing price of 70.5p on Tuesday.
 
The Chester-based company which is listed on AIM specialises in buying, developing and marketing hospital medicines.

It also said it would pay its first dividend at the March year-end to reflect a strong and sustainable increase in revenues and profits.

Chief executive Tim Wright said: “Abingworth has an excellent reputation as a strategic healthcare investor and we are delighted with their enthusiasm for investing in IS Pharma, as we continue to implement our growth strategy.

“The announcement today of our maiden dividend further underlines our confidence in the strength and continued growth of our business.”