Hemogenyx Pharmaceuticals PLC on Thursday said it successfully raised £4.1 million in a placing of new shares, with the fresh cash to be used to progress its Hemo-CAR-T product candidate into clinical trials.

The London-based biopharmaceutical group developing new therapies and treatments for deadly blood diseases said it placed 162.3 million new shares at a price of 2.50 pence each.

Shares in Hemogenyx were down 16% to 2.52p each in London on Thursday morning. It has a £24.6 million market capitalisation.

It said the net proceeds also will be used to continue development of product candidates for the treatment of viral infections, based on its chimeric bait receptor platform.

‘It is important that we move Hemo-CAR-T into the clinic as quickly as possible and maintain and consolidate our lead in the area of combatting existing and emerging viral infections using our CBR-based product candidates,’ said Co-Founder & Chief Executive Officer Vladislav Sandler.

The placing was conducted by Peterhouse Capital Limited and SP Angel Corporate Finance LLP.

On Monday, Hemogenyx said it completed a third process qualification run for the manufacture of Hemo-CAR-T cells, which will be tested by third party to ensure quality.

This is because three process runs are required by the US Food & Drug Administration to begin clinical trials.

Copyright 2023 Alliance News Ltd. All Rights Reserved.