By Sheri Kasprzak
Atlanta, March 23 - Evolutec Group plc said it will raise £10 million in a private placement.
The company plans to sell 7,142,858 shares at 140p each, a price that represents a 21.6% discount to the mid-market closing price of 178.5p each on March 22.
The private placement is being offered to new and existing institutional investors.
Collins Stewart Ltd. is the placement agent in the deal.
Based in London, Evolutec is a biopharmaceutical company focused on the development of products to treat allergic, inflammatory and autoimmune disorders. The company plans to use the proceeds from the deal for clinical studies on its post-cataract surgery and dry eye compound.
| Issuer: | Evolutec Group plc
|
| Issue: | Stock
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| Amount: | £10 million
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| Shares: | 7,142,858
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| Price: | 140p
|
| Warrants: | No
|
| Placement agent: | Collins Stewart Ltd.
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| Pricing date: | March 23
|
| Stock price: | 178.5p at close March 22
|
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