City briefs: ECSC and 4D Pharma
Bradford-based listed cyber security provider, ECSC, has to announced a share placing intended to raise £500,000.
The placing involves 909,091 new ordinary shares of 1 penny each in the company (“Placing Shares”) at a price of 55 pence per share.
Ian Mann, chief executive officer of ECSC, said: “Following our well received annual results, and expressions of interest from both existing and new investors, we are pleased to announce this successful placing.
“We particularly welcome the participation of four new shareholders. In addition to enhancing our cash position, this placing also helps us to prepare for post COVID-19 opportunities.
“Current rapid changes in remote working comes with increased cyber security risks and ECSC continues to be ideally placed to help organisations prevent, detect and respond to the resulting incidents.”
The company has experienced continued growth and a recent return to adjusted EBITDA profitability and cash generation.
It says this growth has been driven by market demand as a result of an increasing awareness of cyber security within corporate boardrooms.
ECSC’s update adds: “One of the impacts of COVID-19 has been a move to more remote and cloud-based working by organisations which the directors believe will lead to an increased need for cyber security.
“The Board therefore consider it appropriate to undertake the placing at the current time in order to strengthen the company’s balance sheet and provide the company with the resources to ensure it is sufficiently well capitalised to take advantage of these longer-term opportunities.”
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4D pharma, a listed Leeds-based pharmaceutical company, says Professor Axel Glasmacher has been appointed non-executive chairman of the Board, with immediate effect.
Glasmacher joined the Board as a non-executive director in January 2019.
Previously, he was senior vice president and head of Global Clinical Research and Development Hematology Oncology at Celgene, where he worked in various global roles for more than ten years.
Prior to Celgene, he worked within the fields of hematology-oncology at the University Hospital in Bonn.
David Norwood, the current non-executive chairman, will concurrently step down from this role but remains as a non-executive director of 4D.
Glasmacher said: “4D is a company that has done excellent scientific and clinical work and is looking forward to important data readouts in the near future.
“I am honoured to work with investors, the board and the team at 4D to bring live biotherapeutic agents to patients as soon as possible.”
Duncan Peyton, chief executive officer of 4D, said: “I am very pleased to report that Axel has taken up the position of chairperson.
“Since joining 4D’s Board of Directors, Axel has made a significant contribution to the development of the company’s strategy. In addition, his expertise and track record in Oncology is highly complementary to our focus going forward.
“I would also like to thank Dave Norwood for his significant contribution to 4D as chairperson, a role he has held since the formation of the company, and I look forward to continuing to work with him in his role as a non-executive director.”
