Alderley Park biotechnology company plans £30 million share placing

Alderley Park based biotechnology company, Redx Pharma, plans to raise £30 million with a share placing.

The business is proposing a placing to institutional investors of new ordinary shares at a price of 59 pence per placing share. 

The placing shares are being offered through an accelerated bookbuild, with the net proceeds allowing Redx Pharma to continue to progress its pipeline of work.

The additional £30 million funding will support the Alderley Park based biotechnology firm to progress clinical development and research stage programmes through 2023. Existing investors in the business have already indicated their support for the share placing in a statement on the London Stock Exchange.

A statement from Redx Pharma said:

“As the company executes its business plan, the board and management will continue to ensure that resources are allocated to allow progression of the project portfolio in the most efficient way and to assess options on an on-going basis to ensure that Redx extracts maximum value from its intellectual property. 

“Following completion of the placing, the company estimates that it will have available cash of approximately £55.9m.”

WG Partners is acting as Global Coordinator and WG Partners, Panmure Gordon and Stifel Nicolaus Europe are acting as joint bookrunners on the deal.