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Life Sciences Alizyme raises £10m as losses widen
Life Sciences Alizyme raises £10m as losses widen | Alizyme raises £10m as losses widen |
| Written by News Desk | |
| Wednesday, 12 March 2008 | |
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Cambridge biopharma development firm Alizyme announced a £10m institutional share placing on the same day it revealed a £13.7m increase in its pre-tax losses for the last financial year.
The company also announced that the FDA in the US has agreed the remaining two protocols for the Phase III development programme of its weight loss product, cetilistat, providing an opportunity to label for type 2 diabetes as well as for obesity. Alizyme placed just over 20m new shares, representing approximately 10 per cent of its entire issued share capital prior to the placing. Priced at a premium to the underlying share price of 3.6 per cent, CEO Tim McCarthy said the placing was oversubscribed and well supported by its major shareholders. “Importantly, the cash raised provides the company with financial stability, supporting the negotiation of optimal deal terms on the out-licensing of our late stage products,” said McCarthy. “The board remains confident of the potential of Alizyme’s valuable product pipeline.” Alizyme’s pre-tax loss for 2007 reached £32.7m (2006: £19m loss).
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