By Ronda Fears
Memphis, April 27 - Ark Therapeutics Group plc raised £27.1 million from the follow-on offering of 31,874,514 shares priced at 85p each, a premium of 4.3% to Wednesday's close of 81.5p, via joint lead managers Piper Jaffray & Co. and Credit Suisse.
There also was a secondary offering of 2.6 million shares at the same price by Nomura International plc, The Merlin Fund LP, The Merlin Bioscience Fund LP, The Merlin Bioscience Fund GbR, P/S BI Biomedicinsk Venture III and Seppo Ylä-Herttuala.
London-based Ark Therapeutics said proceeds, together with existing cash, will be used to progress development of existing clinical programs, to accelerate manufacturing facilities in Kuopio, Finland, to advance its preclinical pipeline, to invest in sales and marketing infrastructure in preparation for the launch of its brain cancer drug Cerepro and for general working capital purposes.
"We have made very good progress in the past year and achieved some notable clinical and regulatory milestones with our lead brain cancer product, Cerepro, as well as signing a number of international marketing deals for Kerraboot and announcing encouraging news regarding our other clinical and preclinical products," said Nigel Parker, chief executive of Ark, in a news release.
"We are delighted with the very strong support we have received from both our existing shareholders and new institutional investors. The proceeds of this fundraising will allow us to build on Ark's recent progress."
The company focuses on gene-based medicine, while at the same time developing related small molecules and a medical devices division. Kerraboot is a non-pressurized boot-like dressing, or wound management device, for below-knee injuries.
| Issuer: | Ark Therapeutics Group plc
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| Issue: | Follow-on offering
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| Gross proceeds: | £27.1 million
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| Net proceeds: | £25.5 million
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| Shares: | 31,874,514 ordinary shares
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| Price: | 85p
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| Lead managers: | Piper Jaffray & Co. and Credit Suisse
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| Pricing date: | April 26
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| Settlement date: | May 30
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| Stock symbol: | London: AKT
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| Stock price: | 81.5p at close April 26
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