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Lipoxen PLC (XEN)

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Thursday 01 April, 2010

Lipoxen PLC

£1.2m Successful Placing

RNS Number : 5875J
Lipoxen PLC
01 April 2010
 



For immediate release

1 April 2010

 

 

 

Lipoxen plc

('Lipoxen' or 'the Company')

 

£1.2m Successful Placing

Lipoxen plc (AIM: LPX), a bio-pharmaceutical company specialising in the development of high-value differentiated biologicals, vaccines and siRNA delivery, is pleased to announce a placing of 17,516,546 new ordinary shares of .5 pence each (the "New Ordinary Shares") to raise approximately £1.2 million (before expenses) (the "Placing"). The Placing is being priced at 7 pence per New Ordinary Share which is within the bid and offer spread of the closing share price on 31 March 2010.

The New Ordinary Shares have been placed with several institutional investors and certain of the directors of the Company and the proceeds of the Placing will be used to strengthen the Company's balance sheet.

Scott Maguire, Chief Executive, said: "We are very pleased with the demand and support from existing and new shareholders in this exercise to strengthen our balance sheet. As with the fund raising in May last year, management is making another significant financial commitment such is our belief in the future of Lipoxen."

Application has been made to AIM, a market of the London Stock Exchange plc, for admission to take place on 8 April 2010. The New Ordinary Shares will, when issued, rank pari passu in all respects with the existing ordinary shares. Following admission of the New Ordinary Shares it is expected that the Company will have 171,913,776 ordinary shares in issue.

For further information, please contact:

Enquiries 

Lipoxen plc

+44 (0)20 7691 3583

M. Scott Maguire, Chief Executive Officer




Singer Capital Markets (nominated adviser)

+44 (0)20 3205 7500

Jeff Keating / Claes Spång




Buchanan Communications

+44 (0)20 7466 5000

Lisa Baderoon, Catherine Breen


 

 


This information is provided by RNS
The company news service from the London Stock Exchange
 
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