Fully
Underwritten Rights Issue to Raise Approximately £20
Million Net
Not
for release, distribution or publication in whole or in part,
directly or indirectly, in or into the United States, Canada,
Australia, the Republic of Ireland, Japan or South Africa
Oxford
BioMedica announced today that it is proposing to raise £20.4
million, being approximately £22.1 million before expenses,
by means of a fully underwritten 27 for 50 Rights Issue.
The Rights Issue of approximately 130 million
New Ordinary Shares at a price of 17p per New Ordinary Share
is being made to Qualifying Shareholders by way of a 27 for
50 Rights Issue. This represents a discount of 32.7 per cent.
to the closing middle market price of 25.25 pence per Ordinary
Share on 15 September 2003, the last business day before this
announcement. The Rights Issue has been fully underwritten
by Collins Stewart.
The proceeds
of the Rights Issue will be used to continue the development
of the Company’s existing portfolio to a stage where
the products can generate significant revenues, taking Oxford
BioMedica towards profitability.
Commenting
on the announcement, Oxford BioMedica’s chief executive,
Professor Alan Kingsman said, “The fully underwritten
Rights Issue has been a great success. The strengthened cash
position should enable Oxford BioMedica to reach key clinical
milestones and improves the prospects of securing optimal
licensing agreements on the lead products. As the most advanced
products move towards the later stages of clinical development,
Oxford BioMedica has set a clear path to profitability.”
For further
information on Oxford BioMedica's Rights Issue please click
here.
-Ends-
|
