Specialist drug discovery and development company ImmuPharma has raised £10m, gross, through a placing of 6,944,445 new ordinary shares at 144p apiece with new and existing investors.
ImmuPharma will use the proceeds to support future investment in its P140 peptide platform.
The proceeds will also provide the company with additional working capital.
Chairman Tim McCarthy said: 'With our recent key milestone being announced confirming the completion of our phase III trial of Lupuzor, the company is now at an exciting and pivotal phase of its development.
'We were approached by new institutions, introduced by Turner Pope Investments, keen to support ImmuPharma over the next period of growth.
'We are therefore delighted to be able to announce this placing that includes both new and existing institutions to support our continued development.
'The proceeds of the placing allow the company to make investment into potential indications emanating from the company's P140 platform, in addition to lupus.
'The placing further strengthens the balance sheet and enhances ImmuPharma's position in ongoing and future negotiations with potential partners for Lupuzor.'