Nuformix PLC said Monday that it has raised 70,000 pounds ($86,905) through a discounted share subscription with a single investor, to advance its NXP002 program.
The pharma company said that 35 million new shares were placed with the institutional investor at a price of 0.2 pence a share, a 35% discount to its closing price of 0.31 pence on Friday. The new shares will represent around 4.7% of the company’s enlarged issued share capital.
The investor has also been awarded one warrant for every new share subscribed, with an exercise price of 0.25 pence per warrant and exercisable within two years of admission. If the warrants are exercised in full, the company would raise a further GBP87,500 for business activity progression.
The proceeds will be used to advance its program for its novel inhaled treatment for idiopathic pulmonary fibrosis, a lung disease. The funds will allow undertaking additional key studies in conjunction with existing data and studies, enable Nuformix to begin discussions with potential licensees and support overall progression.
The shares are expected to be admitted to trading on April 21.