Gateshead drug manufacturer Shield Therapeutics has raised £15.1m (18.5m) via an oversubscribed share placing and subscription, just hours after announcing the move.
Having revealed its intention to raise £14. 7m from the London Stock Exchange on Tuesday morning, by late afternoon the firm confirmed it had surpassed the target. A total of 182,939,917 new ordinary shares of were placed and major shareholder AOP Health International Management AG along with a handful of Shield directors and some employees subscribed for a total of 68,555,461 shares at the issue price of 6p - a discount of 11.1% on the price at the close of the market on Monday.
In tandem, an open offer to existing shareholders aims to raise £3.9m and may also see a further 64,346,927 new ordinary shares issued. And Shield said it had extended its convertible debt facility with AOP Health International Management AG by $10m.
