C4X Discovery Holdings PLC - Manchester-based developer of drug discoveries - Raises total of £5.7 million from placing 22.8 million shares with institutional investors at 25 pence each. Notes placing shares represents about 9.9% of existing shares.

Says 3.0 million EIS/VCT shares admitted, while 19.8 million are general shares. Now has 252.0 million shares in issue.

‘Net proceeds from the placing will be used to strengthen the company’s balance sheet as partnering discussions progress and provide working capital to continue to develop the company’s portfolio of early-stage, high-value small molecule programmes. The net proceeds of the placing are expected to provide the company with at least twelve months working capital,’ it says.

Current stock price: 25.75 pence, up 2.4% on Thursday

12-month change: down 17%

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