Fundraisings and IPOs

Date: 2012-07-31

Type of information: Private placement

Company: Silence Therapeutics (UK)


Amount: £5.45 million

Funding type: fundraising through the issue of new ordinary shares

Planned used:

The proceeds of the Fundraising will enhance the Group’s financial position and provide it with sufficient cash resources to fund the business until 2014. This injection of funding would extend the existing window of opportunity for exploitation of the RNAi platform and the Company’s lead development candidate Atu027. In particular, it would enable the Company to conduct a small Phase Ib trial and a subsequent small Phase IIa trial of Atu027.


* On July 12, 2012, The Board of Silence has announced a fundraising of up to £5.7 million (before expenses) through the issue of up to 840,000,000 new ordinary shares by way of a subscription at 0.5 pence per ordinary share to certain investors and directors and up to a further 100,019,847 new ordinary shares to be issued through an open offer at 0.5 pence per new ordinary share and the issue of a convertible loan note of £1 million.  The Issue Price represents a discount of approximately 44 per cent. to the price of 0.89 pence per share, being the Closing Price of the Company’s Ordinary Shares on 11 July 2012.  The Company also announces that it has entered into a £10 million Equity Finance Facility (“EFF”), conditional upon Admission, with Darwin Strategic Limited, a subsidiary of Alphagen Volantis Fund part of the fund management group Henderson Global Investors.

* On July 31, 2012, Silence Therapeutics has announced that it has received valid acceptances in respect of 49,088,220 Open Offer Shares from Qualifying Shareholders. This represents approximately 49.1 per cent. of the Open Offer Shares offered. As a consequence, the Company has conditionally raised £5.45 million through the Subscription, Open Offer and issue of a Convertible Loan Note.

* On August 2, 2012, Silence Therapeutics has announced that the New Shares issued in connection with the Subscription, Open Offer and Convertible Loan Note have been admitted to trading on AIM. In addition, as set out in the Circular to shareholders dated 12 July, Jerry Randall has today become Executive Chairman (previously Non-executive Chairman) and Ali Mortazavi has been appointed as Director of Corporate Strategy.

Therapeutic area:

Is general: Yes