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Barr Ellison Solicitors – commercial property
20 April, 2020 - 13:11 By Tony Quested

Horizon boosts resources with £6.9m global cash raise

World leading gene editing business Horizon Discovery has strengthened its coffers by raising £6.9 million through a share placing.

The Cambridge UK cell engineering company says the Placing was oversubscribed with the book comprising of US, UK and international existing and new shareholders.

The placing price represents a discount of 20.6 per cent to the closing middle market price on April 16 of 128.5 pence per share.

The net proceeds will be used to strengthen the balance sheet, working capital and liquidity position – a sensible move in the current virus-hit climate.

The money will allow Horizon to continue its investment in strategic projects including commercialising its base editing technology, e-commerce enhancements and its collaboration with Mammoth Biosciences.

Horizon CEO Terry Pizzie said: “We are pleased to have closed the financing which gives the group the financial flexibility to continue investment in line with our strategy.”

Numis acted as financial adviser, nominated adviser and sole broker to the company in relation to the placing.

Application has been made to the London Stock Exchange for the admission of the 6,764,365 placing shares to trading on AIM. It is expected that dealings will start when the market opens on April 22.

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