e-therapeutics raises £22.5m to expand drug discovery platform and asset pipeline
confirmed to investors that it has raised £22.5m which it says it will use to fund the expansion of its drug discovery and development platform and its asset pipeline.
The UK-based firm, which is focused on driving drug discovery through a computer-based approach, raised the funds via an equity funding which included a placing and a retail offer.
The Group, which originally outlined plans to raise £20m after market close on Thursday afternoon, released a statement this morning stating that it had raised additional funds.
In total, 93.75 million new ordinary shares will be issued pursuant to the fundraise at a placing price of 24p a share. The placing will raise proceeds of £19.49 million, while the subscription and retail offer will raise gross proceeds of £2.09 million and £0.92 million, respectively.
The Company highlighted to investors that the net proceeds of the fundraise will be used to facilitate a number of initiatives, with a focus on expanding the Company's proprietary, disease-agnostic, drug discovery and development platform capabilities and asset pipeline.
Shares in E-therapeutics have increased by over 50% in value since the beginning of 2021. The stock was trading 4.76% lower this morning at 26.65p following the news of the placing.
ETX price chartIn particular, this will include investing in the company’s efforts to generate experimental hepatocyte specific proprietary data for its in silico discovery engine as well as to advance two to three of the company’s RNAi therapeutic programmes through to preclinical development.
In addition, e-therapeutics said it plans to use the funds to; complete its First in Human (FIH) clinical study for one RNAi asset to provide additional validation; to further the development of its computational platform; as well as to explore the use of RNAi in other cell types.
“The prospect of being able to accelerate the development of our in-house RNAi pipeline through enhanced investment in our hepatocyte data set and computational capabilities confirms my belief in our business model. Partnering around our in silico discovery engine will continue to be an important focus,” commented Ali Mortazavi, CEO of e-therapeutics.
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