N4 Pharma Plc (LON:N4P), the specialist pharmaceutical company developing Nuvec®, a novel delivery system for oncology, gene therapy and vaccines, has announced the acquisition of a controlling interest, through a subscription for new ordinary shares, in Nanogenics Limited, a company with a complementary lipid and peptide-based delivery system called Liptide®, which it is using to develop a novel siRNA product targeting an unmet clinical need in the ophthalmology market.
The acquisition has been funded by a placing of 35,000,000 new ordinary shares of 0.4p each in the Company at an issue price of 1p per Placing Share raising £350,000 (before expenses).
Highlights
· Subscription for new shares in Nanogenics to acquire a 71.25% interest for £250,000, reducing to a 63.75% interest as management hit strategic milestones
· Nanogenic’s lead product candidate, ECP105 uses the Liptide® platform to deliver a proprietary siRNA sequence to silence a fibrotic gene thereby enhancing the recovery of patients in post-glaucoma surgery
