N4 Pharma PLC on Thursday said it bought a controlling interest in Nanogenics Ltd, a company with a lipid and peptide-based delivery system called Liptide.

N4 Pharma shares fell 32% to 0.95 pence each on Thursday morning in London.

N4 Pharma, a Derbyshire-based specialist pharmaceutical company focused on a delivery system for oncology, gene therapy and vaccines, said it funded the acquisition of a 71.25% interest for £250,000 via placing 35.0 million new shares at 1 pence per share.

The company said the stake will reduce to a 63.75% interest as management hit strategic milestones.

‘Nanogenic’s lead product candidate, ECP105 uses the Liptide platform to deliver a proprietary siRNA sequence to silence a fibrotic gene thereby enhancing the recovery of patients in post-glaucoma surgery,’ N4 Pharma explained. siRNA are short interfering RNA.

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