C4X floats on AIM following £11 million placing
University of Manchester spin-out C4X Discovery (C4XD) has announced that Admission and trading of its Ordinary Shares commences today on the AIM market of the London Stock Exchange (‘AIM’).
The drug development company has raised £11 million (before expenses) by placing 11 million ordinary shares with institutional and other investors at a placing price of 100 pence per ordinary share (the ‘Placing’).
C4XD’s market capitalisation on admission, based on the placing price, is approximately £31 million.
Funds raised are exclusively for the Company and will principally be used to progress two of C4XD’s programmes through to clinical trials, towards generating Proof of Concept in man as well as continuing to apply its technology to other unmet medical need.
There are no selling shareholders pursuant to the Placing and approximately 64% of shareholders will be locked in for 12 months following admission.
A further 12 months thereafter at the discretion of Zeus Capital, the Company’s Nomad and sole broker.
C4XD has the only technology in the world that can generate accurate, experimentally-derived dynamic solution 3D structures of drug molecules in just a matter of days.
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