- Biotherapeutic product developer 4D pharma said it planned to raise at least £18m from a share placing to support ongoing clinical studies related to irritable bowl syndrome and oncology.

The funding would also enable the company to continue to fund its operations to at least two clinical study readout, as well as for general corporate purposes.

New 4D pharma shares were being offered at 50p each and the company said it had exercised a right to cause partner Merck to purchase $5m (£3.83m) of the shares.

'4D pharma is pleased to launch this funding round - its first since 2015 and in challenging market conditions for developers of new therapeutics - with strong support from existing and new investors, including our partner Merck and other US investors in addition to those in the UK,' chief executive Duncan Peyton said.

'This funding will enable us to reach important milestone data points in two clinical studies which we believe will represent material value inflection points as positive data, if generated, will provide strong further validation of our approach to developing live biotherapeutics.'

At 2:29pm: [LON:DDDD] 4d Pharma Plc Ord 0.25p share price was -10.5p at 58.75p

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