CRISM Therapeutics Corporation (AIM:CRTX), a UK clinical-stage drug delivery company focused on localised and sustained chemotherapy delivery, has raised £2.5 million before expenses through a placing of 25 million new shares at an issue price of 10p per share.
The company says the net proceeds will, in order, provide the finance required to help secure significant grant funding, progress the Phase 2 open-label clinical trial of irinotecan‑ChemoSeed for glioblastoma, support the continued development of docetaxel‑ChemoSeed for prostate cancer, and provide additional working capital.
The placing shares will represent approximately 32.6% of the company's enlarged issued share, and, the placing price of 10p represents a c.13.0% discount to Friday's closing mid‑market price of 11.5p. The placing was made to new and existing investors via broker SP Angel Corporate Finance, and gross proceeds are £2.5 million before expenses.
Each Placing Share carries one Warrant exercisable at 15p until 16 December 2027, equating to 25 million Warrants to be granted conditional on shareholder approval at a General Meeting expected on or around 15 June.
