C4X Discovery Holdings PLC (LON:C4XD) has announced that it has raised £5.0m before expenses via a conditional placing of 4.9m new shares, at a placing price of 102p. This represents a 4.2% discount to the closing price of 106.5p (on 5 September).
It is positive news as it provides the company with sufficient funds to continue driving forward its strategy of becoming a highly efficient and productive drug discovery engine and continue building its existing pipeline of five preclinical assets with the aim of tripling the pipeline in three years’ time.
The fund-raising includes the addition of two new investors, Calculus Capital as a lead investor (contributing £3.0m to the fund-raising) and Polar Capital. A number of existing shareholders also participated in the fund-raising, alongside CEO Clive Dix, who has invested c £0.5m.
The completion of the fund-raising is an important step for C4X as it provides it with funds to progress its existing preclinical pipeline towards clinical development, potentially attract licensing interest, invest in developing new lead compounds against novel drug targets and fund operations.