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LONDON - Hemogenyx Pharmaceuticals plc (LSE:HEMO) has secured £620,000 through the issuance of convertible loan notes (CLNs) to support its ongoing clinical trial for a leukemia treatment, according to a company press release issued Monday.
The non-interest bearing CLNs were issued at a fixed conversion price of £5.30 per share, matching the company’s closing share price on August 29. The notes will automatically convert into 116,982 ordinary shares following an increase in the company’s headroom restrictions under the Financial Conduct Authority’s Prospectus Rules, expected on or after November 15.
The biotechnology company stated the funding came from a small investor group that approached Hemogenyx offering financial support for its clinical trial of HG-CT-1, a CAR-T cell therapy being developed for relapsed or refractory acute myeloid leukemia.
"These CLNs strengthen our balance sheet, extend our financial runway, and enable us to maintain momentum in the clinical development of HG-CT-1," said Vladislav Sandler, CEO of Hemogenyx Pharmaceuticals, in the press release.
The company plans to apply for admission of the new shares to trading on the London Stock Exchange, with admission expected to become effective after November 15. Upon admission, the new shares will rank equally with existing ordinary shares.
The funding transaction was completed without incurring costs, with the gross amount matching the net proceeds.
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