New and returning investors were given the chance to acquire shares at 11p each. Backers of the fundraiser, Stanford Capital Partners and SI Capital, meanwhile, were granted warrants exercisable at 11p under the terms of the deal.
Capital Global Opportunities Master Fund and Lind Global Macro Fund, providers of a convertible security deed, have so far given no indication whether they will trigger a repurchase option that would net them a quarter of the placing proceeds. However, the conversion price of their ‘convertible’ will be adjusted down to the placing price, investors were told.
The cash injection will be used to bring through new promising targets, including BioAMP-B, for the treatment of fungal infections such as the lung condition aspergillosis.
Lead drug Lupuzor is licensed to Avion Pharmaceuticals in the US, which is funding the final-stage clinical assessment of the lupus treatment.
ImmuPharma chairman Tim McCarthy said the company was now in an “extremely robust position”.
“With value-enhancing news-flow over the next period, we are confident of creating long term shareholder value for all of our shareholders,” he added in a statement.