Newcastle University owns 6,744,000 shares, 4.9% of E-Therapeutics, currently.
E-Therapeutics, a drug discovery and development company targeting cancer that is listed on the UK’s Alternative Investment Market, plans to raise £40m ($60m) by selling new shares at 32p each.
Newcastle University owns 6,744,000 shares, 4.9% of E-Therapeutics, currently.
Malcolm Young, a professor at Newcastle University and chief executive of E-Therapeutics, who owns 12.1% currently, said: “We appreciate the continuing support of existing investors and are also pleased to have attracted significant new investors to the company.”
Young founded E-Therapeutics, formerly known as Inrotis Technologies, in 2001 and spun it out from Newcastle in 2003.
Mutual fund manager Invesco Asset Management said it would increase its stake from 45.92% to 49.9% after completion of the share issuance.
Other major investors include mutual fund peer Henderson Global Investors (12.1%) and venture capital firm Octopus Group (6.3%).
