Skin treatments developer Syntopix is raising up to £2m at 67p a share.
Syntopix will receive £1.91m after expenses and this will be used to finance further studies of its compounds. Further human use studies will be carried out this year after initial results were positive.
Syntopix had net cash of £396,000 at the end of January 2010. The six month cash outflow from operations was £498,000.
IP Group and its offshoots will increase their stake from 24.3% to 27.9%. Directors will own just under 10% of Syntopix.
At 73p a share, Syntopix is valued at £5.63m.
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