Aptamer reports 'meaningful' first-half progress alongside fundraise
Aptamer Group PLC on Wednesday announced increased interim revenue together with plans to raise funds which it said will boost growth and provide a cash runway through to 2028.
The York, England-based synthetic binders developer said its pretax loss was flat at £1.2 million in the six months to December from the year prior.
Revenue increased 27% to £828,000 from £653,000, with cost of sales rising 29% to £368,000 from £286,000.
Chief Executive Arron Tolley said the first half of the financial year saw Aptamer make ‘meaningful progress across all three pillars of its strategy: fee?for?service, asset development and licensing,’ with the Optimer platform now generating its first product?linked revenue.
To help fund further growth, Aptamer announced plans to raise up to £3.8 million via a placing and subscription to new and existing institutional investors at 0.6 pence per share. It also intends to raise £500,000 via a retail offer at the same price.
Aptamer said funds will provide a cash runway through to 2028.
Aptamer will issue one warrant for every three shares issued in the fundraise. Each warrant will entitle the holder to subscribe for one new share at any time in the two years from the date of grant.
Shares in Aptamer were flat at 0.65p each in London on Wednesday.
Around £750,000 of proceeds will be used for working capital, with £1.1 million for development of the group’s liver fibrosis delivery vehicle and targeted radio pharmaceutical pipeline. A further £1.1 million will be used to build and deploy an AI?enabled Optimer discovery engine, with £400,000 allocated to enhance manufacturing capabilities.
CEO Tolley said: ‘This investment will allow us to develop new proprietary assets, creating further value for shareholders, while funding the development of our AI?enhanced fee?for?service offering and the systematic exploration of undruggable and undeliverable targets using our novel oligonucleotide?based platform.’
Turner Pope Investments Ltd is acting as sole bookrunner and sole broker in respect of the placing.
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