TIDMREDX
RNS Number : 6308W
Redx Pharma plc
10 February 2017
THIS ANNOUNCEMENT AND THE INFORMATION CONTAINED HEREIN IS
RESTRICTED AND IS NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN
WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN, INTO OR FROM THE
UNITED STATES, AUSTRALIA, CANADA, JAPAN, THE REPUBLIC OF SOUTH
AFRICA OR ANY OTHER JURISDICTION IN WHICH SUCH RELEASE, PUBLICATION
OR DISTRIBUTION WOULD BE UNLAWFUL.
FURTHER, THIS ANNOUNCEMENT IS MADE FOR INFORMATION PURPOSES ONLY
AND DOES NOT CONSTITUTE AN OFFER TO SELL OR ISSUE OR SOLICITATION
TO BUY, SUBSCRIBE FOR OR OTHERWISE ACQUIRE SHARES IN REDX PHARMA
PLC IN ANY JURISDICTION IN WHICH ANY SUCH OFFER OR SOLICITATION
WOULD BE UNLAWFUL.
THE SECURITIES DISCUSSED HEREIN MAY NOT BE OFFERED OR SOLD IN
THE UNITED STATES, UNLESS REGISTERED UNDER THE U.S. SECURITIES ACT
OF 1933, AS AMENDED (THE "SECURITIES ACT"), OR PURSUANT TO AN
EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO, REGISTRATION
UNDER THE SECURITIES ACT. NO PUBLIC OFFERING OF THE SECURITIES
DISCUSSED HEREIN IS BEING MADE IN THE UNITED STATES AND THE
INFORMATION CONTAINED HEREIN DOES NOT CONSTITUTE AN OFFERING OF
SECURITIES FOR SALE IN THE UNITED STATES AND THE COMPANY DOES NOT
CURRENTLY INTEND TO REGISTER ANY SECURITIES UNDER THE SECURITIES
ACT. ADDITIONALLY, THE SHARES HAVE NOT BEEN APPROVED OR DISAPPROVED
BY THE UNITED STATES SECURITIES AND EXCHANGE COMMISSION OR ANY
OTHER SECURITIES COMMISSION OR REGULATORY AUTHORITY IN THE UNITED
STATES, NOR HAVE ANY OF THE FOREGOING AUTHORITIES PASSED UPON OR
ENDORSED THE MERITS OF THE FUNDRAISING. ANY REPRESENTATION TO THE
CONTRARY IS A CRIMINAL OFFENCE IN THE UNITED STATES.
THE INFORMATION CONTAINED WITHIN THIS ANNOUNCEMENT IS DEEMED BY
THE COMPANY TO CONSTITUTE INSIDE INFORMATION AS STIPULATED UNDER
THE MARKET ABUSE REGULATION. UPON THE PUBLICATION OF THE
ANNOUNCEMENT VIA A REGULATORY INFORMATION SERVICE, THIS INFORMATION
IS CONSIDERED TO BE IN THE PUBLIC DOMAIN.
Redx Pharma plc
("Redx" or the "Company")
Result of Placing
and posting of Circular
Other than where defined, capitalised terms used in this
announcement have the meanings given to them in the announcement
released by the Company on 8 February 2017 (the "Placing
Announcement").
Result of Placing
Pursuant to the Placing Announcement, the Company is pleased to
announce that Cantor Fitzgerald Europe and WG Partners have
successfully placed 19,166,667 New Ordinary Shares on behalf of the
Company (the "Placing Shares") in the Company at a price of 37.5
pence per share, with new and existing institutional investors.
Pursuant to the Placing, the Company has conditionally raised gross
proceeds of approximately GBP7,187,500. The Placing Price
represents a discount of approximately 9.6 per cent. to the price
of 41.5 pence per existing Ordinary Share, being the closing price
for the preceding business day prior to this announcement.
Cantor Fitzgerald Europe and WG Partners acted as joint
bookrunners in connection with the Placing.
The Placing comprises of 5,999,999 Firm Placing Shares and
13,166,668 Conditional Placing Shares. The Placing Shares are not
subject to clawback and are not part of the Open Offer. The Placing
is not underwritten.
Application has been made to the London Stock Exchange for the
Firm Placing Shares to be admitted to trading on AIM ("First
Admission"). It is expected that First Admission will become
effective and that dealings in the Firm Placing Shares, will
commence at 8.00 a.m. on 15 February 2017.The Firm Placing Shares
will be credited as fully paid and rank pari passu with the
existing Ordinary Shares. Following First Admission, the Company
will have a total of 99,697,956 Ordinary Shares in issue. 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 Disclosure and Transparency Rules.
Posting of Circular
Further to the Placing Announcement, the Company is pleased to
announce that it will today post a Circular to Qualifying
Shareholders regarding an Open Offer to raise up to approximately
GBP2.93 million (before expenses) and setting out further details
of the Placing and Subscription. The Circular will also be made
available on the Company's website later today at
www.redxpharma.com. The Circular also contains a Notice of General
Meeting, which is being convened for 10.00 a.m. on 28 February
2017, as the issue of the Conditional Placing Shares, the
Subscription Shares, the Value Payment Shares and the Open Offer
Shares are conditional, inter alia, on the passing by Shareholders
of certain resolutions.
Application will also be made to the London Stock Exchange plc
for the Conditional Placing Shares, the Subscription Shares, the
Value Payment Shares and the Open Offer Shares to be admitted to
trading on AIM ("Second Admission"). It is expected that Second
Admission will become effective and that dealings in the
Conditional Placing Shares, the Subscription Shares, the Value
Payment Shares and the Open Offer Shares will commence at 8.00 a.m.
on 1 March 2017 (being the business day following the General
Meeting).
Details of the Open Offer are set out in the Circular.
Prior to publication, certain information contained within this
announcement was deemed to constitute inside information for the
purposes of Article 7 of EU Regulation 596/2014. Upon publication
of this announcement, this information is now considered to be in
the public domain.
Neil Murray, CEO of Redx Pharma plc, said:
"Redx has made tremendous progress since its IPO two years ago
and 2017 should be a pivotal year as we transition to a clinical
stage company.
"We expect our Porcupine inhibitor, RXC004, to commence
first-in-human trials within the next few months. This compound
shows exciting potential as a monotherapy for difficult to treat
cancers, such as pancreatic, biliary and gastric cancer, and also
as a combination therapy with Checkpoint inhibitors, which use the
body's immune system to attack tumours.
"We are preparing our BTK inhibitor, RXC005, for first-in-human
clinical trials by the end of the year. This drug candidate has the
potential to transform the treatment of patients with chronic
lymphocytic leukaemia, the most common form of adult leukaemia.
"The new funds we are raising will support the ongoing progress
of these important assets as well as the rest of our pipeline and
we remain very positive about Redx's prospects."
For further information, please contact:
Redx Pharma Plc
Neil Murray, Chief Executive T: +44 1625
469 900
Karl Hård, Head of Investor T: +44 7491
Relations & 651 406
Corporate Communications
Cantor Fitzgerald Europe (Nomad & T: +44 20
Joint Broker) 7894 7000
Phil Davies / Michael Reynolds
WG Partners LLP (Joint Broker) T: +44 20
3705 9330
Claes Spång / Chris Lee / David
Wilson
About Redx Pharma Plc
Company website: redxpharma.com
Redx is focused on the discovery and development of proprietary,
small molecule therapeutics to address areas of high, unmet medical
need, principally in cancer, infection and immunology, providing a
pipeline of assets to larger and emerging companies. By improving
the characteristics of existing drug classes to create highly
differentiated, novel, best-in-class drugs, Redx has already
established a broad portfolio of proprietary drug programs.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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