Norwood Immunology Ltd has raised L5.8 million ($10.7 million) from aplacing of 15.4 million ordinary shares, at 38 pence per share, on the Alternative Investment Market of the London Stock Exchange. Market capitalization at the issue price will be L46.1 million.
The firm, a UK-based majority-owned subsidiary of Australia's Norwood Abbey, had initially hoped to raise L10 million with a market capitalization of up to L90 million but, as the latter's chief operating officer Jeff Bell told Australian newspaper The Age, the initial valuation by stockbrokers needed to be reassessed because of a downturn in the London capital markets.
The UK drugmaker plans to use the net proceeds to pay for clinical trials and for the further development of an existing class of drug, GnRH analogues, for the treatment of various cancers.
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