TIDMINC
RNS Number : 1097T
Incanthera PLC
23 March 2021
23 March 2021
Incanthera plc
("Incanthera" or the "Company")
Placing to Raise GBP1,144,650
Incanthera plc (AQSE: INC), the specialist oncology company
focused on transforming cancer treatment, is pleased to announce
that it has raised gross proceeds of GBP1,144,650 through an
oversubscribed placing of 9,538,750 new ordinary shares ("Placing
Shares") with existing and new investors at a price of 12 pence per
share ("Issue Price").
Incanthera successfully floated on AQSE on 28 February 2020,
raising funds to concentrate on the commercialisation of lead
asset, Sol, a proprietary topical formulation designed to deliver
into the skin an active known to treat solar keratosis and prevent
the formation of skin cancers.
The results of two successful studies, announced in September
2020, demonstrated Sol's permeation across the skin barrier and
safety profile on human skin, both of which surpassed expectations,
strengthening the technology's commercial potential and valuation,
which was further enhanced through the filing of a new patent which
gives extended patent protection to Sol to 2040.
Incanthera began introducing Sol's technology to a number of
potential commercial partners last year. In February 2021, the
Company issued a corporate update in which it advised that the
Company has prioritised those potential partners and is currently
focussed on discussions with two Global cosmetic companies.
The net proceeds from the Placing now extends the Company's
existing cash runway into the second half of 2022 and provides
funds for the Company to progress discussions in respect of a
potential commercial deal for Sol from a strong financial
position.
Stanford Capital Partners Ltd acted as lead broker and joint
placing agent, with SI Capital Ltd acting as joint placing agent to
the Placing. They have entered into a placing agreement with the
Company which contains customary terms and conditions.
Placing and Admission
The Company has raised GBP1,144,650 before expenses through a
placing of the Placing Shares at the Placing Price, conditional
only on admission to trading on AQSE ("Admission"). The Placing
Shares will represent 12.88 per cent. of the enlarged issued share
capital of the Company upon Admission and the Placing Price
represents a discount of 6.6% to the closing mid-market price of
12.85 pence on 22 March 2021, the last practicable day prior to
this announcement. The Placing Shares will rank pari passu with the
existing ordinary shares and an application will be made for
Admission of the Placing Shares which is anticipated to occur at
8.00 a.m. on or around 30 March 2021.
For each Placing Share, Placees were offered one warrant to
subscribe for an ordinary share in the Company at a price of 20
pence, for a period of two years from the issue date. The Company
has received acceptances of warrants from Placees over a total of
8,500,000 new ordinary shares ("Placing Warrants") which have been
conditionally granted subject to, inter alia, the approval by the
Company's shareholders of resolutions granting authority to its
Directors to be able to allot and issue sufficient new ordinary
shares for exercise of the Placing Warrants on a non-pre-emptive
basis. A circular will be posted to shareholders to convene a
general meeting in due course.
In addition to the Placing Warrants, the Company entered into a
warrant instrument on 23 March 2021 in which the Company agreed to
grant Stanford Capital Partners Ltd 667,963 warrants to subscribe
for ordinary shares in the Company at the Issue Price of 12 pence
per ordinary share. Stanford may exercise the warrants at any time
from Admission until the date 10 years from the date of
Admission.
Total Voting Rights
For the purposes of the Disclosure Guidance and Transparency
Rules of the Financial Conduct Authority ("DTR"), the Board of
Incanthera hereby notifies the market that following Admission, the
Company's total issued share capital will consist of 74,082,871
ordinary shares with a nominal value of 2 pence each per share.
The figure of 74,082,871 ordinary shares may be used by
shareholders as the denominator for the calculations by which they
may determine if they are required to notify their interests in, or
a change to their interests in the share capital Company under the
DTR.
Commenting on the Placing, Chairman, Tim McCarthy commented:
"The Company is delighted at the results of this Placing and the
support from existing and new shareholders, at an important time
for Incanthera.
Our recent commercial update highlighted the progress we have
made towards a commercial deal on Sol. The security of the
additional funding allows the management team to concentrate on
concluding the current negotiations."
This announcement contains inside information for the purposes
of Article 7 of EU Regulation 596/2014 (which forms part of
domestic UK law pursuant to the European Union (Withdrawal) Act
2018).
For further enquiries:
Incanthera plc
www.incanthera.com
Tim McCarthy, Chairman
tim.mccarthy@incanthera.com
Simon Ward, Chief Executive Officer
simon.ward@incanthera.com +44 (0) 7831 675747
Suzanne Brocks, Head of Communications +44 (0) 7747 625506
suzanne.brocks@incanthera.com +44 (0) 7776 234600
Aquis Exchange Corporate Adviser:
Cairn Financial Advisers LLP
Jo Turner/James Lewis +44 (0) 20 7213 0880
Broker:
Stanford Capital Partners Ltd
Patrick Claridge/John Howes/Bob Pountney +44 (0) 20 3815 8880
Notes to Editors:
Incanthera is a specialist oncology company focused on
transforming cancer treatment by creating environments in which
cancer cannot survive. It seeks to identify and develop innovative
solutions to current clinical, commercially relevant unmet needs,
utilising new technology from leading academic institutions.
The Company's current lead product and focus is Sol, a
potentially innovative topical product for the treatment of solar
keratosis and the prevention of skin cancers.
The Company originated from the Institute of Cancer Therapeutics
("ICT") at the University of Bradford and has acquired and
developed a portfolio of specific cancer-targeting therapeutics
through a Pipeline Agreement with the ICT and other corporate
acquisitions.
Incanthera's strategy is to develop each candidate in the
portfolio from initial acquisition or discovery to securing its
future through commercially valuable partnerships at the earliest
opportunity in its development pathway.
For more information on the Company please visit:
www.incanthera.com
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END
NEXUURURAKUOUUR
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