The N4 Pharma PLC (LON: N4P) share price plunged 28.6% after announcing a new broker offer to raise up to £1.0 million. The offer’s initial target is to raise £0.25 million, but the amount could be extended to the upper figure if the issue is oversubscribed.
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Investors reacted negatively to the news given that the new shares were priced at 2 pence each, representing a significant premium to Thrusday’s closing price of 2.80p. The company’s shares had traded at a high of 3.64p in mid-October, demonstrating its potential to trade at higher prices.
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The decline in N4 Pharma’s share price reflected the significant discount offered to the shareholders participating in the offer.
N4 Pharma’s last significant announcement before today’s news was at the beginning of November when it gave an update regarding the patents it had filed in March 2020. The company has filed patents related to its proprietary Nuvec® technology.
The specialist pharmaceutical company noted that Nuvec® could manufacture viral vectors and make viral vectors more efficient in applications such as ex-vivo gene therapy treatments. Therefore, it filed for a Patent Cooperation Treaty (PCT) application.
Moreover, the company decided to update its patent application with a focus on its claims regarding using the specific spiky properties of Nuvec™ to load and transfect viral vectors, especially adenoviral and lentiviral vectors.
The company has filed for patents in the USA, India, Japan, Europe (including the UK), and Canada. The firm also plans to file for patents in Australia and China.
So, will N4 Pharma shares recover from today’s decline? Only time can tell, but any progress the company reports could trigger a rally higher.
*This is not investment advice.
N4 Pharma share price.
The N4 Pharma share price plunged 28.57% to trade at 2.00p, falling from Thursday’s closing price of 2.80p.
