ImmuPharma has announced the successful completion of a fundraising, which has conditionally raised in aggregate £8.3m before expenses, by way of a placing and subscription at a price of 26p. The fundraising was well supported by existing shareholders as well as introducing new investors. In addition Simbec-Orion, the international CRO conducting the Lupuzor participated in the placing. The placing of 14.9m new shares will raise £3.9m with the subscription of 17.0m new shares by Lanstead Capital LP raising £4.4m. A value payment of 0.85m new shares will also be issued to Lanstead. Of the subscription proceeds £0.66m (15%) will be retained by ImmuPharma with the remaining c£3.76 m being pledged to Lanstead under a Sharing Agreement. Lanstead will make monthly settlements over a period of 18 months with the proceeds determined by a measured market price prior to each settlement and compared to a benchmark price of 34.6667p. If the measured market price exceeds the benchmark price, the Company will receive more than 100% of the settlement due, on a pro rata basis. If the measured market price is below the benchmark price ImmuPharma will receive less than 100% of the settlement also on a pro rata basis. This will allow the Company to benefit from a rising share price. Completion of the above placing and subscription is held on 22 February 2016.
