Silence Therapeutics places 9.5m shares and plans share consolidation
Silence Therapeutics, a biotechnology company, has placed 9.5m new ordinary shares at 200p each and announced plans for a share consolidation.
You are now subscribed
Your newsletter sign-up was successful
Want to add more newsletters?
Twice daily
MoneyWeek
Get the latest financial news, insights and expert analysis from our award-winning MoneyWeek team, to help you understand what really matters when it comes to your finances.
Four times a week
Look After My Bills
Sign up to our free money-saving newsletter, filled with the latest news and expert advice to help you find the best tips and deals for managing your bills. Start saving today!
Silence Therapeutics, a biotechnology company, has placed 9.5m new ordinary shares at 200p each and announced plans for a share consolidation.
The placing raised net funds of £18.7m, which will be used to support the development of the RNAi platform, to broaden its skills from its pre-clinical research to include clinical and commercial expertise and to partially fund a research programme in pancreatic cancer.
MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
The company also intends to consolidate the exisitng ordinary shares on the basis of one consolidated share for every 50 existing shares held, in order to improve the marketability of the shares. Where existing shares have a value of 0.1p each, the new shares will have a value of 5.0p each.
Ali Mortazavi, Director of Corporate Strategy, said: "This capital raise is a significant milestone for Silence Therapeutics and a strong vote of confidence by existing and new institutional shareholders in the company's technologies."
The company added that whilst it has "sufficient cash resources for its near term needs and retains discretion over a substantial part of its development and other expenditure", the board believes that the group "requires and would benefit from additional finance to enable it to accelerate its product strategy".
The share price fell 3.95% to 4.25p by 09:55.
NR
-
How a ‘great view’ from your home can boost its value by 35%A house that comes with a picturesque backdrop could add tens of thousands of pounds to its asking price – but how does each region compare?
-
What is a care fees annuity and how much does it cost?How we will be cared for in our later years – and how much we are willing to pay for it – are conversations best had as early as possible. One option to cover the cost is a care fees annuity. We look at the pros and cons.
