Cantab Pharma Calls For Cash

UK biotechnology company Cantab Pharmaceuticals is placing 4.2 million new ordinary shares at a price of 650 pence each with the aim of raising L25.7 million ($39.4 million), net of expenses. Chief executive of Cantab, Paul Haycock, said: "the capital being raised will enable Cantab to build upon its solid progress to date through the clinical development of its more advanced programs as well as the expansion of its product portfolio."

Cantab hopes shareholders will waive pre-emption rights to the placing at an extraordinary general meeting on July 8, as it hopes to expand its shareholder base. If passed, existing shareholders will have no special rights to new shares.