Date: 2014-04-29
Type of information: Private placement
Company: Silence Therapeutics (UK)
Investors: new and existing institutional investors, and certain participating directors
Amount: £11.4 million
Funding type: private placement
Planned used: The net proceeds of the placing will be used to support Silence Therapeutics' existing clinical projects and to expand the company's pre-clinical capabilities and capacities. Specifically, the company would direct these funds towards further delivery technologies of RNA molecules, expansion of its pre-clinical and clinical pipelines, and increasing internal capabilities and capacities.
Others: * On April 29, 2014, Silence Therapeutics announced that the company has successfully raised gross proceeds of * On April 28, 2014, Silence Therapeutics announced a proposed share issue to raise minimum proceeds of approximately £10 million ($16 million) (before expenses) by way of a non pre-emptive placing of placing shares with new and existing institutional investors, and certain participating directors.
£11.4 million ($19.1 million) (£10.9 million (USD $18.2 million) net of expenses). 4,938,555 new Ordinary Shares have been placed by Canaccord Genuity and ABG Sundal Collier in their capacity as Joint Bookrunners, with new and existing institutional investors and certain participating directors, at a price of 230 pence per new ordinary share. The new ordinary shares represent approximately 10.5 per cent. of the company’s issued share capital prior to the placing and will represent approximately 9.5 per cent. of the company’s enlarged issued share capital post-admission. Following admission, the company’s total issued share capital will comprise52,000,109 ordinary shares of 5 pence each carrying voting rights. This figure may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the Company, under the FCA’s Disclosure and Transparency Rules. The new Ordinary Shares, when issued, will be credited as fully paid and will rank pari passu in all respects with the existing Ordinary Shares. Application has been made for the new ordinary shares to be admitted to trading on AIM and admission is expected to become effective at 8.00 a.m. on 6 May 2014, at which time the Placing will become unconditional in all respects. There will be no further Conditional Placing or Offer to Qualifying Participants.
Silence Therapeutics has been notified that Ali Mortazavi, Chief Executive Officer, and Tim Freeborn, Finance
Director, have acquired 129,399 and 10,000 new Ordinary Shares respectively, pursuant to the terms of the
Placing.
The company announced on 19 March 2014 that, in view of recent corporate transactions, capital inflow and investor interest in the RNA interference sector, the company had been actively considering certain options to strengthen its balance sheet, in order to capitalise on its world-leading technology in this space. At that time that the company's net cash position was £18.9 million and that the Board was confident it had sufficient working capital to meet its present requirements, including the funding of its current Phase 1b / 2a study in pancreatic cancer and the Phase 1b element of the planned head and neck study.
Therapeutic area:
