Quantum Pharma has announced conditional placing 44M shares at 34 pence per share to raise up to £15M ($18,5M, €16,8M), with existing and new institutional investors.
The company on Thursday said the Placing Shares are being offered by an accelerated bookbuild. Zeus Capital and N+1 Singer will be acting as joint bookrunners in connection with the Bookbuild, Quantum Pharma has said.
The company expects to see the finalisation of the proposed Placing starting immediately, and a further announcement will be made to confirm its completion in due course.
“As stated in the interim results announcement of 4 October 2016, the Board considers that a lower level of net debt would provide greater operational freedom to grow the core specials business and create further value in the niche pharmaceuticals pipeline, with a focus on unlicensed to licensed development,” reads the Quantum Pharma’s press release.