International legal practice Osborne Clarke has advised WG Partners LLP on the successful £27.7 million equity fundraising for AIM-quoted Redx Pharma plc, the drug discovery and development company focused on cancer and fibrosis.
Redx Pharma will use the net proceeds of the fundraising, its existing cash resources and a risk-adjusted forecast of milestone income from partnered programmes due before the end of 2022, to (a) complete ongoing Phase 1 pre-clinical and clinical trials, and plan Phase 2 proof of concept studies, for two of its assets, (b) further support the augmentation and progression of the Company’s oncology and fibrosis research pipeline and (c) provide general working capital to the end of 2022.
The placing has conditionally raised £25.5 million, before expenses, and Redx also intends to further raise up to approximately £2.2 million, before expenses, through an open offer. The fundraising is conditional upon shareholder approval.
WG Partners acted as sole broker and bookrunner in connection with the fundraising.
Osborne Clarke’s Corporate team, which is Band 1 ranked for Capital Markets: AIM by Chambers, is considered a go-to practice for many companies, working with global businesses to fast-growth start-ups and market challengers, particularly in the life science and healthcare sector. The team advises at every stage of company development across all corporate issues, from equity and debt fundraisings to M&A, IPOs and JVs