News Column

Silence Therapeutics Raises GBP11.4 Million In Share Placing

April 29, 2014

Rowena Harris-Doughty



LONDON (Alliance News) - Silence Therapeutics PLC Tuesday said it raised gross proceeds of GBP11.4 million in a share placing.



The group had said on Monday that it was looking to raise funds in a placing with new and existing institutional investors, and certain participating directors. 

"In a period of extreme turbulence in the biotechnology sector, this capital raise is a significant endorsement of the technology and business plan of Silence Therapeutics," Chief Executive OfficerAli Mortazavi said in a statement Tuesday.

"We will immediately initiate our 'multiple shots at goal' pre-clinical strategy. The funds raised will enable us to evaluate these opportunities in parallel, thereby materially de-risking the pipeline," he added.



The shares were placed at 230 pence per share, which it said represents a discount of 9.8% to its closing mid-market price of 255 pence per share at close on April 25.



Silence said that Chief Executive Officer Ali Mortazavi and Finance Director Tim Freeborn both acquired shares in the placing.



Mortazavi and Freeborn now holds the following shares in the company:

Name

Before Placing

New Ordinary Shares acquired pursuant to the terms of the Placing

After Placing

Holding

%

Holding

%

Ali Mortazavi

1,648,000

3.50

129,399

1,777,399

3.42

Tim Freeborn

4,000

0.01

10,000

14,000

0.03



 

Shares in Silence Therapeutics closed 5% lower Tuesday at 236.50 pence.












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Source: Alliance News


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