Chiroscience RaisesL40.3 Million

1 of3Chiroscience of the UK raised L40.3 million ($62.7 million) net of expenses in a placing and open offer last month. The funds will finance the development of the company's improved isomer and novel drug discovery programs and the acquisition of a pilot-scale development facility (Marketletter May 13).

As irrevocable undertakings not to take up entitlements under the placing and open offer had been given in respect of 1.4 million new ordinary shares (representing 13.9% of shares in the offer and placing), the applications received represent 91.4% of the actual number of shares which were available to be taken up by shareholders.

Accordingly, said Chiroscience, subject to the placing becoming unconditional, the additional 763,215 new ordinary shares not already taken up (7.4% of the total issue), will be placed with institutional investors.