- Specialist pharmaceutical company N4 Pharma has raised £2 million through the issuance of 25 million new ordinary shares.

The company, which is developing a delivery system for cancer treatments and vaccines called Nuvec, said the placing was 'significantly oversubscribed'.

Nigel Theobald, chief executive of N4 Pharma, said the company was pleased with the positive response.

'With vaccines and their delivery very much in the public consciousness, we continue to grow our data package to present Nuvec as a viable delivery technology solution to improve the delivery, storage and transportation of multiple existing and new vaccines,' said Theobald.

'While we are well-funded for all existing work streams these additional funds will enable us to plan for follow on studies and more product-focused experiments as we move towards collaborations.'

N4 Pharma said it would use the net proceeds to fund a range of developments.

These included the extension of its formulation and current stability work covering DNA and mRNA formulations and research on and evaluation of an additional asset to add to the company portfolio.

N4 Pharma is also going to use the capital to fund further business development, which it said was driven by study results pending over next six months, along with general expenses.

The new shares are expected to be listed on the Alternative Investment Market on 14 December, and rank at the same level as existing securities.

At 3:05pm: (LON:N4P) N4 Pharma Plc Ord 0.4p share price was 0p at 7.5p

Story provided by