- Circassia has raised £275m, gross, through the a placing and open offer of 95,469,537 new ordinary shares at £2.8805 apiece. The shares represent 50.4% of the existing issued share capital.

Qualifying shareholders are being given the opportunity to apply for the open offer shares on the basis of one new share for ever two existing shares.

The banks have conditionally placed all the open offer shares with institutional and other investors. The commitments of these placees will be subject to clawback in respect of valid applications for shares by qualifying shareholders.

Chief executive Steve Harris said: "We are delighted with the success of today's placing and open offer, which represents a strong vote of confidence from our shareholders, both in the Circassia team and the compelling strategic rationale of the proposed acquisitions of Aerocrine and Prosonix.

"We believe the strong support received today will enable us to achieve our ambition to become a self-sustaining specialty biopharmaceutical company focused on allergy and asthma, and we believe the combined organisation will give us both the capability and resources to commercialise our enlarged late-stage pipeline of potential new allergy and asthma products, once approved, and thereby generate significant shareholder value."

At 3:25pm: [LON:CIR] Circassia Pharmaceuticals Plc Ord 0.08p share price was -30.75p at 289.25p

Story provided by