Shares of pharmaceutical company, N4 Pharma are on the slide on Wednesday after the company revealed it has raised £2 million through a placing of 25 million ordinary shares.
The placing, which was significantly oversubscribed, was undertaken by SP Angel Corporate Finance LLP, with N4 saying that the shares had an issue price of 8p.
“We are delighted with the positive response to our recent formulation work. With vaccines and their delivery very much in the public consciousness we continue to grow our data package to present Nuvec as a viable delivery technology solution to improve the delivery, storage and transportation of multiple existing and new vaccines,” commented N4 Chief Executive, Nigel Theobald.
The company said that the funds raised will be used for the extension of the formulation and current stability work covering DNA and mRNA formulations, research and evaluation of an additional asset to add to the company's portfolio, and business development and ongoing working capital.
N4 Pharma shares are currently down over 12% at 8.70p, having fallen over 12% earlier in the day to lows of 8.30p.
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