Date: 2016-04-02
Type of information: Private placement
Company: Silence Therapeutics (UK)
Investors:
Amount: £27.3 million
Funding type: private placement
Planned used: The net proceeds of the placing and the broker option will be used to support and 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 will explore the use of mRNA delivery with recently discovered gene-editing techniques such as CRISPR/Cas9. The modulation of mRNA within cells, either or up or down, is by its nature temporary because cellular DNA within the nucleus is not affected. The discovery that DNA itself can be edited by proteins delivered by guide mRNA offers an exciting opportunity for the Company.
In addition, the strengthening of the balance sheet would enable the Company to seek scientific talent from
Europe and other countries worldwide.
Others: * On April 2, 2015, Silence Therapeutics announced a conditional share issue to raise gross proceeds of approximately £27.3 million (before expenses), by way of a placing of 11,371,669 new ordinary shares of 5 pence each in the company’s capital with new and existing institutional and other investors , at a price of 240 pence per share. The Issue Price represents a discount of 14.3 per cent. to the closing middle market price of 280 pence per Existing Ordinary Share on 1 April 2015, being the latest practicable date prior to this announcement. The Placing Shares have been conditionally placed by Canaccord Genuity and Peel Hunt with new and existing institutional and other investors. The Company has also granted an option to the Joint Bookrunners to procure subscribers for 5,294,998 new Ordinary Shares at the Issue Price (equal to £12.7 million in value) for the period from the date of this announcement to 7.00 p.m. on 30 April 2015 in order to satisfy additional demand from new or existing institutional investors. The Joint Bookrunners have received expressions of interest from institutional investors in respect of the Broker Option Shares and the Board is confident that the Broker Option Shares will be subscribed for in full. Unless otherwise agreed by the Company, the Joint Bookrunners and the Placees, the Placing is conditional, inter alia, on the subscription in full of the Broker Option Shares. As at 31 March 2015 the Company had a net cash position of £19.2 million, which the Board considers to be sufficient for its present needs.
Therapeutic area:
