By Laura Lutz
Des Moines, May 3 - Intercytex Group plc intends to conduct a private placement of shares for £12 million.
The company plans to sell 23,076,924 shares to institutional investors at 52p per share.
The price per share is a 13.3% discount to the 60p closing mid-market price of the company's shares on May 2.
Piper Jaffray will underwrite the deal.
The company said it will use the proceeds to launch a facial rejuvenation project, to complete a phase 3 trial of its ICX-PRO product, to continue the phase 2 programs for its Vavelta and ICX-TRC products and to conduct further trials for its ICX-SKN product.
Settlement depends on shareholder approval at an extraordinary general meeting on May 29.
Intercytex is a cell therapy company based in Cambridge, England.
| Issuer: | Intercytex Group plc
|
| Issue: | Ordinary shares
|
| Amount: | £12 million
|
| Shares: | 23,076,924
|
| Price: | 52p
|
| Warrants: | No
|
| Underwriter: | Piper Jaffray
|
| Pricing date: | May 3
|
| Stock symbol: | London: ICX
|
| Stock price: | 65p at close May 2
|
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