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Silence Therapeutics

  • BY: Andrew Hore |
  • POSTED: 12/07/2012 |

Silence Therapeutics is raising up to £5.7m through a subscription and one-for-5.77 open offer at 0.5p a share and a £1m convertible loan.

At 0.75p a share, down 0.12p, Silence is currently valued at £4.33m. The total number of shares in issue will more than double after the fundraising, which will raise at least £5.2m, including the convertible loan note.

Silence had already admitted that it needed more cash before the end of the year and it previously talked about raising £4m-£5m.  The cash will last until 2014.

Darwin Strategic, a subsidiary of fund manager Henderson Global, is providing a £10m equity draw down facility.  This lasts three years.

Silence is involved in the development of RNA interference (RNAi) therapeutics to treat serious diseases. There have been positive results from the ongoing Phase I study of Atu027, its lead internal therapeutics candidate. The study is designed to assess different doses of Atu027 for subjects with advanced solid cancer. Phase Ib and phase IIa trials are planned in the next two years.

Download the latest AIM Journal from http://www.hubinvest.com/AIMPDFJune2012_33.pdf

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