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E-Therapeutics to raise $2.9 Million via share placement
By siliconindia
Bangalore: Drug developer e-Therapeutics plans to raise two million pounds ($2.9 million) through a private share placement and loan notes to fund the development of its existing and future drug candidates.
Octopus Investments or its related funds would subscribe for a minimum of one million shares at 30 pence apiece and up to 1.7 million pounds worth of loan notes, together with associated warrants.
The 5-year loan notes bear an interest of 12 percent per annum and subscribers would also be issued with warrants to buy up to 5.67 million shares, it said.
E-Therapeutics said the proceeds would also be used to make acquisitions of 'quality' companies and drug candidates.
The turbulence in world financial markets led to a shortage of capital and diminished valuations, creating an opportunity for acquisition and consolidation in the sector, says the company.