N4 Pharma PLC on Friday said it has raised £630,000 through a placing and subscription of shares.
N4 Pharma is a Derbyshire, England-based pharmaceutical company focused on the development of Nuvec.
The company said it has raised £630,000 through a placing of 118.0 million shares and a subscription of 8.0 million shares. The shares were issued at 0.5 pence each.
Shares in N4 were down 19% to 0.51 pence each on Friday afternoon in London.
N4 said the proceeds of the fundraise will be used to advance its three primary work streams whilst also providing working capital into 2025.
‘We are pleased to have raised these funds in difficult market conditions for small caps,’ Chief Executive Nigel Theobald said. ‘The money will underpin our work efforts whilst we look to move through key milestones and, we believe, value inflexion points, across our three main work streams during the rest of the year.
‘In doing so, we hope to be able to co-market our combined technologies with SRI, complete a proof of concept for an oral IBD product and achieve orphan designation and pre IND approval for Nanogenics’ ECP105.’
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