Shield Therapeutics Takes $10 Million Loan After Failing to Raise Equity; Shares Fall
30 Junio 2022 - 03:24AM
Noticias Dow Jones
By Jaime Llinares Taboada
Shares in Shield Therapeutics PLC fell Thursday after it said
that it couldn't complete a $30 million equity financing, and
reported a widened net loss for 2021.
The pharmaceutical company said it has agreed on a $10 million
loan from shareholder AOP Orphan International AG secured against
the U.S. intellectual-property rights associated with Shield's
Accrufer iron therapy. The loan is convertible into shares at a 10%
discount to the average share price of the preceding 10 days.
Shield said that, prior to agreeing on this loan, it had started
efforts to raise $30 million in equity, but it was unsuccessful.
"Due to the extremely challenging equity market conditions it
became apparent that it was unlikely such an equity financing could
be closed at this time," the company said.
The company also published its 2021 results Thursday, reporting
that net loss increased to 17.9 million pounds ($21.7 million) last
year from GBP2.6 million in 2020.
Shares at 0742 GMT were down 32% at 8.13 pence.
Write to Jaime Llinares Taboada at jaime.llinares@wsj.com;
@JaimeLlinaresT
(END) Dow Jones Newswires
June 30, 2022 04:09 ET (08:09 GMT)
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