27/02/2006
Institutions have subscribed £10.45 million at 177p to a placing to fund genomics group VASTox's development of muscular dystrophy treatment.
Broker Evolution Securities has fully underwritten the placing, a quarter of which represents shares being sold by AIM-quoted VASTox’s founder shareholders. The proceeds will go to accelerating the development of the company's lead therapeutic programme in what is medically known as Duchenne Muscular Dystrophy (DMD).
Last month, VASTox reported promising pre-clinical results for this programme. Chairman Professor Stephen Davies says 'our positive results... represent a significant breakthrough'. At 193.5p, up 2.5p this morning and valuing the company at £90.6 million, the shares are within 0.5p of their 194p high a year ago.
They could go further if the programme continues to make progress.
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