TIDMETX
RNS Number : 2493B
e-Therapeutics plc
30 September 2022
e-therapeutics plc
("e-therapeutics" or "ETX" or the "Company")
Fundraise of GBP13.5 million by way of a Share Subscription
London, UK, 30 September 2022 - e-therapeutics plc (AIM: ETX;
OTCQX; ETXPF), a company integrating computational power and
biological data to discover life-transforming RNAi medicines, is
pleased to announce a fundraise of GBP13.5 million before expenses
by way of a subscription for new ordinary shares of 0.1p each
("Ordinary Shares") in the Company (the "Subscription") at a price
of 20p per Ordinary Share by funds managed by M&G Investment
Management Limited ("M&G"), an institutional investor and an
existing shareholder of the Company.
The fundraise provides ETX with the opportunity to generate
value and accelerate the next stage of its growth, advancing the
Company's position in creating an entirely new template for drug
discovery using computation to capture and model disease
complexity, identify novel targets and design RNAi drugs against
those targets that can be rapidly progressed to the clinic.
The net proceeds of the Subscription will be used to facilitate
a number of initiatives to accelerate growth, with a focus on
expanding the Company's in-house pipeline of first-in-class RNAi
candidates derived from ETX's computational platform; further
developing cell type-specific computational tools and datasets; and
general working capital including additional headcount.
Ali Mortazavi, Chief Executive Officer of e-therapeutics,
commented:
"I am pleased to announce the fundraise of GBP13.5 million and
excited by the prospect of being able to accelerate the development
of our in-house RNAi pipeline through enhanced investment in our
therapeutic programmes, hepatocyte datasets and computational
capabilities. This successful fundraise underlines ETX's position
at the intersection of computational approaches to drug discovery
and genetic medicine, using RNA interference as our drug modality
of choice. We are grateful for the support of our shareholders and
look forward to delivering value from our platform
technologies."
Michael Stiasny, Head of UK Equities at M&G Investments,
commented:
"With the potential to re-shape the conventional drug discovery
model, siRNA based therapies represent an extremely exciting new
modality in medicine. We believe that e-therapeutics has a unique
platform and strategically attractive IP in this space, combined
with a strong computational edge, and are delighted to be
increasing our long-term support for the Company."
The issue of new Ordinary Shares pursuant to the Subscription
will be conditional on (i) the 67,500,000 shares ("Subscription
Shares") being admitted to trading on AIM by not later than 8.00
a.m. on 6 October 2022 , or such later time and/or date as the
Company may agree (being not later than 8.00 a.m. on 14 October
2022 ) and (ii) the representations and warranties of the Company
under the Subscription being true and accurate.
Highlights of the Fundraise
-- A total fundraise of GBP13.5 million before expenses, through
the issue of the Subscription Shares at a price of 20p per Ordinary
Share (the "Subscription Price"), equating to approximately 13.12%
of the existing ordinary share capital
-- The Subscription Price represents a premium of approximately
12% to the closing middle market price of 17.825p per Ordinary
Share on 29 September 2022 , being the latest practicable date
prior to the date and time of this announcement
-- The net proceeds of the Subscription will be used to
facilitate a number of initiatives, with a focus on expanding the
Company's proprietary drug discovery and development platform
capabilities and pipeline of computationally driven first-in-class
RNAi medicines
-- The issue of the Subscription Shares pursuant to the
Subscription will be conditional on (i) the Subscription Shares
being admitted to trading on AIM by not later than 8.00 a.m. on 6
October 2022 , or such later time and/or date as the Company may
agree (being not later than 8.00 a.m. 14 October 2022) an d (ii)
the representations and warranties of the Company under the
Subscription being true and accurate
-- M&G has the right to nominate a non-executive director to
the board of ETX if it so wishes for so long as M&G holds the
higher of at least 58,000,000 shares of the Company or 5% of the
existing issued share Capital of the Company from time to time
Company Overview
The latest information on the Company and its recent progress is
included in its Interim Report for the 6 months to 31 July 2022
which is also being announced today.
ETX is a UK-based company integrating computational power and
biology information to discover life-transforming RNAi medicines.
The Company's technology uses computation to capture and model
human biology, identify novel targets and design RNAi medicines
against those targets that can be rapidly progressed to the
clinic.
ETX's proprietary Computational Biology Platform enables the
generation and analysis of biological network models, providing a
novel and mechanistic approach to drug discovery that explicitly
considers the true complexity of biology and makes more reliable
predictions from large complex data sets and ETX's proprietary
hepatocyte knowledge base, - the world's most comprehensive and
integrated hepatocyte-centric data and information resource. The
Company generates, prioritises and tests millions of hypotheses in
silico to identify better therapeutic targets with higher
confidence.
ETX's proprietary RNAi Platform enables the targeted delivery to
hepatocytes in the liver and the specific silencing of novel
disease-associated genes, identified by ETX's Computational Biology
Platform. The focus on hepatocytes offers the opportunity to work
across a wide variety of diseases. The liver is a highly
metabolically active organ which performs a key role in many
biological processes and vital functions crucial for human health.
ETX's GalNAc-siRNA constructs have demonstrated compelling in vivo
performance in terms of depth of gene silencing and duration of
action.
ETX is progressing a pipeline of first-in-class pre-clinical
RNAi candidates in several therapeutic areas including haematology,
cardiovascular disease and non-alcoholic steatohepatitis ("NASH").
ETX has also partnered with biopharma companies such as Novo
Nordisk, Galapagos NV and iTeos Therapeutics using its
computational network biology approach across a diverse range of
drug discovery projects.
Details of the Subscription
The Company has entered into a subscription agreement with an
institutional investor, M&G, pursuant to which the Company has
agreed to issue the Subscription Shares to funds managed by M&G
at the Subscription Price, raising gross proceeds for the Company
of approximately GBP13.5 million.
The Subscription Shares, when issued, will be fully paid and
will rank pari passu in all respects with each other and with the
existing Ordinary Shares, including, without limitation, as regards
the right to receive any dividends and other distributions
declared, made or paid after the date of issue.
The Subscription is conditional on (i) the Subscription Shares
being admitted to trading on AIM by not later than 8.00 a.m. on 6
October 2022 , or such later time and/or date as the Company may
agree (being not later than 8.00 a.m. 14 October 2022 ) and (ii)
the representations and warranties of the Company under the
Subscription being true and accurate.
M&G currently holds 34,375,000 Ordinary Shares (representing
approximately 6.68% of the existing Ordinary Shares) and has agreed
to subscribe for a total of 67,500,000 Subscription Shares such
that following Admission of the Subscription Shares, M&G's
holding of Ordinary Shares will represent 17.50% of the issued
share capital of the Company as enlarged by the Subscription.
M&G has the right to nominate a non-executive director to
the board of ETX if it so wishes for so long as M&G holds the
higher of at least 58,000,000 shares of the Company or 5% of the
existing issued share Capital of the Company from time to time
.
Admission and Total Voting Rights
An application will be made for the Subscription Shares to be
admitted to trading on AIM. It is expected that Admission will take
place at 8.00 a.m. (UK time) on or around 6 October 2022
("Admission").
Following Admission of the Subscription Shares, the Company's
enlarged issued share capital will comprise 582,114,982 Ordinary
Shares of 0.1 pence each with voting rights in the Company. This
figure may be used by shareholders in the Company as the
denominator for the calculations by which they will determine if
they are required to notify their interest in, or a change in the
interest in, the share capital of the Company under the FCA's
Disclosure and Transparency Rules.
The information contained within this announcement is deemed by
the Company to constitute inside information as stipulated under
the Market Abuse Regulations (EU) No. 596/2014 ('MAR') which has
been incorporated into UK law by the European Union (Withdrawal)
Act 2018. Upon the publication of this announcement via Regulatory
Information Service ('RIS'), this inside information is now
considered to be in the public domain.
For further information, please contact:
e-therapeutics plc
Ali Mortazavi, CEO Tel: +44 (0)1993 883
James Chandler, VP IR & Communications 125
www.etherapeutics.co.uk
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SP Angel Corporate Finance LLP Tel: +44(0)20 3470 0470
Nominated Adviser and Broker
Matthew Johnson/Caroline Rowe (Corporate
Finance)
Vadim Alexandre/Rob Rees (Corporate Broking)
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