VastOx Shares – New Shares Raise Company by £10.45M

VastOx Shares

1st March 2006

VASTox, a leading chemical genomics company, has announced that it has successfully raised £10.45 million in a placing of New Ordinary Shares to institutional investors.

The new income from VastOx shares will be used by the Company to accelerate the development of its lead therapeutic programme in Duchenne muscular dystrophy (DMD), for which it announced promising preclinical results earlier this year.

The Placing has been fully underwritten by Evolution Securities Limited.

VastOx

VastOx Shares – Highlights:

Placing of 5,903,955 new Ordinary Shares (the ‘New Ordinary Shares’) at a placing price of 177p raising £10.45 million (before expenses) for the Company.
Funds raised to be used to accelerate the development of the Company’s lead DMD programme.

Company expects to announce revenues of not less than £0.5 million for its services division for the year ended 31 January 2006.

1,500,000 Existing Ordinary Shares placed on behalf of certain founder shareholders (the ‘Selling Founder Shareholders’).

Professor Stephen Davies, Chairman of VASTox, comments: ‘Our positive preclinical results for the Company’s DMD programme represented a significant breakthrough in the development of a potentially effective treatment of DMD and for the Company. This fundraising from the VastOx shares now provides us with the means to accelerate the development of this programme while still allowing the Company to maintain its development timetable around its other research programmes as planned.’

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