By Elena Vardon
Shares in Fusion Antibodies sank 83% on Friday after the group said it had conditionally raised around 1.56 million pounds ($1.9 million) by placing shares at a significant discount and that it will use the proceeds to support the delivery of its integrated therapeutic antibody service.
At 0915 GMT, shares were down 26.12 pence at 5.38 pence.
The U.K.-based biotechnology company said it issued 31.2 million shares at a price of 5 pence each. This represents an 84% discount to Thursday’s closing price of 31.5 pence.
Fusion separately announced a retail offer for up to 10 million new shares to raise a further GBP500,000 at the same issue price via the REX Retail Platform. This will allow existing retail shareholders to participate in the fundraising, it said.
Write to Elena Vardon at elena.vardon@wsj.com
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