Biopharmaceutical contract manufacturer Angel Biotechnology wants to raise a further £1m via a placing.
At the end of 2011, Angel raised £1.15m at 0.2p a share in order to finance equioment and staff in order to increase fermentation manufacturing capacity. Artemis acquired 200m shares (6.11%). The latest placing will be at the same price.
An institution has agreed to subscribe for £360,000 worth of shares and others want to make follow-on investments. Angel needs to gain shareholder approval in order to issue all of these shares. Angel feels it is sensible to raise the cash while it is available. This is fine as long as it is used. If it just sits on the balance sheet it will be a waste.
Angel had net cash of £853,000 at the end of June 2011 but the company has been investing in the recommissioning of its Cramlington site.
The current share price is 0.22p, down 0.02p, which values the existing share capital at £7.2m.
In February, three manufacturing contracts worth more than £4.5m in total have been secured with existing client Materia Medica. The contracts will take 22 months to complete. Angel intends to form a joint venture company with Materia Medica.
Chief operating officer Gordon Sherriff resigned earlier this month and Dr Stewart White has been appointed acting chief executive.
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