Quantum Pharma conditionally raises £15m in accelerated bookbuild

Quantum Pharma confirms its accelerated bookbuild to raise up to £15m has closed successfully, subject to the passing of certain resolutions by shareholders at the company's annual meeting.

The company, which noted that it continued to trade in line, believed net proceeds would reduce its net debt to a more appropriate level for the group's type and size.

"Proceeds ... will initially be used to reduce the level of utilisation of the group's revolving credit facility, which will create headroom in the group's debt facilities, allowing increased operational and commercial flexibility," the company said.

"The reduced level of net debt will allow the group to be able to invest in its business without decisions being constrained by the need to actively manage cash and debt levels."

Shareholders would vote on the bookbuild at the company's annual meeting, which was to be convened shortly.