Gulf starts at Sheikh Adi-2 25/05/2012
Iraq-focused oil explorer Gulf Keystone Petroleum (GKP) has begun drilling at the Sheikh Adi-2 well in the Sheikh Adi block.
Invesco backs e-Therapeutics' £17m funding
Drug discoverer e-Therapeutics (ETX) is raising a hefty £17.6 million in a placing at 26p backed by investment group Invesco Asset Management. House broker Panmure Gordon is handling the funding, at a 2 per cent premium to yesterday's closing price, which will almost double the AIM company's capital, and Invesco will emerge with nearly 48 per cent of the enlarged equity.
Steered by chief executive office officer and significant shareholder Professor Malcolm Young, Newcastle University spin-off e-Therapeutics wants the money to develop four leading candidates through clinical trials, to develop some more products and to pursue collaborations funded by larger partners. The company, which lost £1.2 million in the six months to July, claims a 'unique network pharmacology platform' to devise drugs addressing unmet needs and cites a 'broad clinical pipeline' of potential products for depression, anti-biotic resistance, cancer and other complaints.
Speaking to Growth Company Investor Malcom Young enthused that the placing, which he described as being 'almost four times oversubscribed' was being taken up by a host of investors in addition to Invesco including Gartmore, Octopus, Ruffer, Hargreave Hale and Majedie.
Young added that the proceeds will be used to develop its drug discovery programme further, with only £3 million from the placing to be used on its drugs currently in the development programme: antidepressant Viotra, metastatic cancer therapy ETS2101 and c difficile killer Clostriban.
Looking forward he remarked that the company is planning to collaborate with some 'much larger companies' and also remarked that there were drug discovery programmes planned for Israel. He allso commented on the recent volatility among biotech stocks on AIM, remarking that much of the recent action 'has not been grounded' and adding 'with £21 million we certainly are grounded and are well equipped for the future.'
Young, a former research fellow at Oxford University, declares the placing, which is in two stages to fit the regulatory needs of venture capital trusts, will enable e-Therapeutics to exploit its proprietary technology in its own projects and in collaboration with partners. He says the company hopes to have trial results for its lead drug candidates in the second half of 2012.
Floated at 67p in 2007, e-Therapeutics shares have hardly been star performers, trading between 41p and 24.5p over the past year. Now 28p, up 2.5p today and valuing the company at £18.5 million, they offer speculative recovery potential, backed by Invesco's support.
Achieve impressive returns
Gain instant access to some of the best-performing and fastest growing companies in the small cap arenaClick here
Advertisement
Achieve impressive returns on the go
Gain instant access to some of the best-performing and fastest growing companies in the small cap arena. Sign up NOW!
Institutional Investors in AIM 2011 - New Report
This unique study analyses the shareholdings of companies listed on AIM, extracting trends including rankings of the value and number of their investments.
Please click here to order your copy of the report or call 0207 250 7056.
Coverage of AIM, techMARK and PLUS Markets
Informative features and research on fast-growing companies, small-cap and growth stocks, penny shares, stock market tips and share recommendations, directors' dealings, company news and analysis, new issues and upcoming IPOs.
If you're interested in business tax updates visit our specialist tax guide website.
Latest small-cap and growth company news
Daily coverage of small-cap company stocks on London's junior markets AIM and PLUS, breaking news, stock research and latest share price information for investors. Full sector coverage with all the latest news on smaller listed companies, updated several times a day with financial reports, trading statements and links to further web resources.
Popular News
Acquisition
Acquisitions
Aim
Aim Market
Boardroom Moves
Breaking-even
British Technology
Cash
China
Commodities
Credit Crunch
Deals & Contracts
Debt
Dividend
Emerging Markets
Full List
Fundraisings
Gold
Growth Company
Growth Stocks
Loss Making
Main Market
Mergers & Acquisitions
New Issues
Penny Shares
Placing
Plus Markets
Profit Warning
Restructuring
South Africa
Speculative Punts
Technology
Trading Update
Turnaround
Undervalued
Advertisement
Latest News
Shell considers Cove 24/05/2012
Oil giant Shell is extending its offer period for Mozambique-focused Cove Energy (COV) after having its bid trumped by Thai government-owned PTT Exploration & Production.
Roxi reaches 1,360 metres 23/05/2012
Kazakhstan-focused Roxi Petroleum (RXP) has declared that its NK7 well in the Galaz aea has drilled to a depth of 1,360 metres.
Cluff Natural Resources joins AIM 22/05/2012
Steered by sector veteran Algy Cluff, North-Sea focused cash shell Cluff Natural Resources (CNR) has joined AIM.
Red Emperor exercises Shabeel 21/05/2012
Somalia-focused oil explorer Red Emperor Resources (RMP) has exercised its option to take part in the drilling of the Shabeel North well.
Heritage happy in Iraq 18/05/2012
Oil concern Heritage Oil (HOIL) has reported its Miran West-3 well in Iraq could deliver 1,000 barrels per day of condensate.
Sectors
Aerospace & Defence
Alternative Energy
Automobiles & Parts
Banks
Beverages
Chemicals
Construction & Materials
Electricity
Electronic & Electrical Equipment
Equity Investment Instruments
Financial Services
Fixed Line Telecommunications
Food & Drug Retailers
Food Producers
Forestry & Paper
Gas, Water & Multiutilities
General Financial
General Industrials
General Retailers
Health Care Equipment & Services
Household Goods
Industrial Engineering
Industrial Metals
Industrial Transportation
Leisure Goods
Life Insurance
Media
Mining
Mobile Telecommunications
Nonequity Investment Instruments
Nonlife Insurance
Oil & Gas Producers
Oil Equipment, Services & Distribution
Personal Goods
Pharmaceuticals & Biotechnology
