London, UK Alternative Investment Market-listed Evolutec, which is developing novel products for the treatment of allergic, inflammatory and autoimmune diseases, has raised approximately L2.8 million ($5.2 million) before expenses through a placing of 2,359,090 new ordinary shares of 10 pence each. These represent around 10% of the company's issued share capital prior to the placing and have been placed with a range of existing investors at a price of 118 pence per share. The price represents a discount of approximately 8% to the closing middle market price on the AIM on 24 October.
It is intended that the majority of the proceeds will be used to maintain the pace of development of the company's lead product development candidate, rEV131, a novel histamine-binding molecule, by scaling up the manufacturing capability to meet new expectations and to fund studies to validate and automate filling of the nasal spray device. The remainder will be used to conduct the necessary safety studies and develop a clinical-grade manufacturing process for Evolutec's second product development candidate, rEV576, a novel inhibitor of complement activation, to enable it to commence clinical trials in the second half of 2007, the firm said.
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