N+1 Singer is delighted to have supported Oncimmune Holdings plc in its successful oversubscribed Placing. The Placing was enlarged to accommodate additional investor interest from both new and existing investors.
The Placing has raised gross proceeds of £9 million (before commission and expenses) through the Placing of 5,000,000 Placing Shares with existing and new investors at the Placing Price of 180 pence.
The Placing Price represents a premium of approximately 5.0 per cent. to the Company’s mid-market closing price of 171.5 pence per share on 24 March 2021, the Last Trading Day.
The Company intends to use part of the proceeds of the Placing to invest in laboratory staff & equipment, broadening of platform offering, business development / marketing personnel, working capital to support growth and exploring appropriate routes to US capital markets (including by way of a dual listing).
Dr Adam M Hill, CEO of Oncimmune, commented:
“Whilst Oncimmune is already funded to meet previous market expectations, it has become clear that an exciting opportunity exists to deploy additional capital to accelerate the growth of the ImmunoINSIGHTS business in the near term. We are therefore delighted with the outcome of this oversubscribed equity financing round and the strong level of support received from both existing and new investors, whom we welcome to the Oncimmune share register.
The Company is increasingly being recognised as a global leader in the stratification of patients to optimise immune modulating therapy, helping our partners to develop new classes of medicines to treat patients with cancer, autoimmune disease and, more latterly, infectious diseases. This funding will accelerate an exciting growth trajectory for the Company as we scale up our capacity to deliver a growing number of ImmunoINSIGHTS services projects. At the same time, we are seeing good progress within our EarlyCDT diagnostic product business.
With the increasingly global nature of our client base and the forecast rapid growth in our business over the next few years, the Company looks forward to deploying this additional capital with confidence in the growth prospects for the business.”
About Oncimmune Holdings plc
Oncimmune is a leading developer of applied immunodiagnostics for the early detection of disease and drug discovery and development, with over 18 years as a leader in autoantibody-enabled immunodiagnostics.
Their intimate understanding of the human immune system enables them to harness its sophisticated response to disease to detect cancer earlier and to support the development of better therapies. The key to improving cancer survival is early detection and better selection for therapy. As a company, Oncimmune are driven by their passion to improve cancer survival and to give people extra time.
Market Cap: £109.93 million*
Website: Click here
*As at 25/03/2021
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