PPL Therapeutics fighting for funds as investors snub share issue
PPL Therapeutics, the UK company principally known for cloning Dolly theSheep, has been dealt a massive financial blow following the news that it has been forced to abandon a previously-announced L45 million ($65 million) fundraising (Marketletter March 26).
Explaining the firm's decision not to proceed with the rights issue, managing director Ron James said that, "despite positive indications, we have been unable to obtain sufficient support from the equity markets at this time which seems solely due to prevailing market conditions." He added that "this view is typified by the comment made by one institution that 'our hearts are in it but today I'm not sure our check books are.'
It appears that many existing shareholders were willing to support the fundraising but the company's broker, Deutsche Bank, had difficulty convincing new investors to come in. Reports claim that the broker secured pledges of more than L20 million in funding, well short of the minimum requirement for an issue to go ahead.
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