Oncimmune completes first part of China licencing deal
Source - SMW
Cancer detection company Oncimmune Holdings said it had entered into a licence agreement and completed a £7m equity subscription with Genostics Company.
The subscription marked the first tranche of a total £10m equity investment in Oncimmune, agreed as part of a license, distribution and manufacturing arrangement for China.
Genostics is investing £10m in Oncimmune by way of subscription for 6,410,256 new ordinary shares at a price of £1.56 per ordinary share, a 49% premium to the share price of 105p at market close on December 29.
The second tranche of £3m would be paid by March 30, Oncimmune said.
At 8:10am: (LON:ONC) Oncimmune Holdings Plc share price was +2.5p at 137.5p