The Placing Price is at a discount of 18.8 per cent. to the closing middle market price of 320 pence per Ordinary Share on 13 August 2014, the latest date prior to this Announcement.
The New Ordinary Shares will, upon Admission, rank pari passu in all respects with the Ordinary Shares in issue as at the date of this Announcement, including as regards the right to receive all dividends or other distributions declared, made or paid after Admission. The New Ordinary Shares will represent 19.1 per cent. of the Company’s enlarged issued ordinary share capital immediately following completion of the Placing.
The net proceeds of the Placing are expected to be approximately £32.8 million and will be principally used by the Company to accelerate its biomarker discovery programme in flu and asthma, refine the asthma model for product validation use, initiate COPD model development as the second airways disease opportunity and broaden the Company’s challenge agent repertoire.
The Company also announces that, in line with its expanded vision for the business, it will be changing its name to hVIVO plc which is currently the Company’s proprietary name for its technology platform. The name change is expected to be implemented in Q4 2014.
A general meeting of Retroscreen to approve the Placing will be held at the Group’s registered office at Queen Mary Bio Enterprises, Innovation Centre, 42 New Road, London E1 2AX at 10.00 a.m. on 1 September 2014.
Kym Denny, Chief Executive Officer, commented: “We are delighted to have raised these funds through both existing and new shareholders, together with the tremendous support and encouragement we have received. We are at an exciting inflection point for Retroscreen where having established and proven the hVIVO Human Challenge Model with our clients over the past couple of years, we now have the capability, capacity and funds to build on this and accelerate Retroscreen’s own R&D programme, leveraging our hVIVO platform as a powerful tool in biomarker discovery and in the development of new disease models.”
For further information:
Retroscreen Virology Group plc
Kym Denny, Chief Executive Officer
Graham Yeatman, Finance Director
Tel: +44 (0) 207 756 1300
Numis Securities Limited
Michael Meade / Freddie Barnfield – Nominated Adviser
James Black / Michael Burke – Corporate Broking
Press release share from IP Group: http://www.ipgroupplc.com/media-centre/portfolio-news/2014/2014-08-14.aspx