Fusion Antibodies plc (AIM: FAB) has raised £3m through an oversubscribed placing of 3,333,333 new ordinary shares at a price of 90p per share. To satisfy investor demand a further £492,511.50 has been raised from selling shareholders.
Funds raised will be used to expand the existing proof-of-concept work on the Mammalian Antibody Library to include COVID-19, the existing oncology targets and for general working capital purposes
Shares in Fusion were trading at 83p at the beginning of this month and opened today at 110p following this announcement.
Paul Kerr, CEO of Fusion Antibodies plc commented: “We are delighted to be able to announce this oversubscribed placing which will help us in our critical work. In these currently extremely challenging times, we now have the resources to undertake the additional proof-of-concept work on the Mammalian Antibody Library Discovery Platform in respect of COVID-19, as well as for our existing oncology targets, whilst continuing to support our clients in their vital role.
We remain confident that our products and services can help to accelerate finding a solution to this global health crisis.”
£1m of the funds raised is conditional to Shareholder approval at a general meeting to be held on 15 May 2020.
Fusion Antibodies is also included in the Vox Covid-19 Crusaders index