LONDON, 15 February, 2011 – Panmure Gordon & Co., a leading independent institutional stockbroker and investment bank, is pleased to announce it has acted as sole adviser and broker to e-Therapeutics plc on a conditional placing to raise £17.6 million of new funds. In addition, Panmure Gordon has conditionally placed £3.4 million of existing shares on behalf of certain selling shareholders.
The placing price of 26p represents a premium of 2% to the closing mid-market price of 25.5p on 14 February, reflecting considerable demand from existing and new institutions.
e-Therapeutics is a drug discovery and development company, pioneering and exploiting network pharmacology to evaluate how medicines interact with cells in the body. The company is also developing its own drug development pipeline, which includes drug candidates to tackle cancer, depression and infections.
Group chief executive of Panmure Gordon, Tim Linacre, commented: “We are delighted to have assisted e-Therapeutics – a client we gained last year – to successfully achieve this fundraising. The company will use the funds to develop its lead drug candidates and to undertake increased discovery activities to widen its development pipeline, as well as support working capital and business development.”