Oxford BioMedica PLC on Friday said it has raised £60 million through a share placing and subscription to support expansion in the US and boost process productivity.
The Oxford, England-based gene and cell therapy developer placed 12.2 million new shares at £4.31 each, alongside a subscription for 1.71 million shares by certain existing shareholders, including Briarwood Chase Management, Novo Holdings and Institut Merieux.
The placing price represents a 1.9% discount to Thursday’s close of £4.40, with the new shares amounting to 13% of the company’s issued share capital prior to the issue.
Shares in the company were up 11% at 488.00 pence in London on Friday afternoon.
Proceeds will fund the expansion of US commercial-scale capacity and improvements to process quality and yields, allowing Oxford BioMedica to meet growing client demand across all clinical phases, including late-stage and commercial supply.
The company welcomed strong support from both existing and new investors, including the Massachusetts Institute of Technology.
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