Skip Header
Important information: The value of investments can go down as well as up so you may get back less than you invest. Investors should note that the views expressed may no longer be current and may have already been acted upon. This is a third-party news feed and may not reflect Fidelity’s views.

Fusion Antibodies raises £1.38m as it seeks new customers

(Sharecast News) - Pre-clinical antibody specialist Fusion Antibodies announced a conditional fundraising of £1.38m before expenses on Wednesday, to help it target mo re industry conferences and customers and generate further supporting data. The AIM-traded firm said the funds were being raised through a placing of 34,375,000 new shares at a price of 4p each.

It noted that the issue price reflected a discount of 5.88% to the closing mid-market price of an ordinary share in the company on 13 February.

The issue and allotment of the placing shares were conditional on the passing of resolutions to authorise such issues and allotments and disapply pre-emption rights at a general meeting of the company, to be held on 5 March.

Fusion said it intended to issue 1,536,850 new shares to certain directors at a deemed subscription price equal to the issue price, adding that up to 3,790,700 new share options would be granted to staff and senior management as part of an incentivisation scheme.

"We are very pleased to have been able to complete this fundraise in challenging market conditions," said chief executive officer Adrian Kinkaid.

"We decided to go ahead with this Placing following the various agreements we signed in 2023.

"The net proceeds of this placing will provide the company with increased resources to target additional industry conferences and customers, generate supporting data for its key platforms and extend its working capital runway."

At 1240 GMT, shares in Fusion Antibodies were up 1.18% at 4.3p.

Reporting by Josh White for Sharecast.com.

Share this article

Related Sharecast Articles

UPS tops Q1 profit forecasts but misses on revenue
(Sharecast News) - American transport and logistics giant United Parcel Service saw shares rise on Tuesday after quarterly profits beat analysts' forecasts, even though revenues fell more than expected.
Getir investors said to fund European exit with new cash injection
(Sharecast News) - Investors in grocery delivery app Getir, which at one point attained a valuation of almost £10bn, are reportedly set to inject yet more money into the company to fund its exit from the UK and Europe.
Bushveld updates Vametco mineral resources
(Sharecast News) - Bushveld Minerals updated the market on mineral resources and reserves for the Vametco vanadium mine near Brits on the Western Limb of the Bushveld Complex on Tuesday.
Power Metal Resources completes Molopo drillhole
(Sharecast News) - Power Metal Resources announced the completion of drillhole DDH1-14C at its Molopo Farms Complex project in southwestern Botswana on Tuesday.

Important information: This information is not a personal recommendation for any particular investment. If you are unsure about the suitability of an investment you should speak to one of Fidelity’s advisers or an authorised financial adviser of your choice. When you are thinking about investing in shares, it’s generally a good idea to consider holding them alongside other investments in a diversified portfolio of assets. Past performance is not a reliable indicator of future returns.

Award-winning online share dealing

Search, compare and select from thousands of shares.

Expert insights into investing your money

Our team of experts explore the world of share dealing.