RedX Pharma as it proposes discounted capital raising

Shares in RedX Pharma are down almost 5% as it proposes raising £12m, before expenses, via a placing and subscription to advance its drugs pipeline.

The proposed placing was of up to 20.5m shares, while the subscription was of 11.5m shares by Lanstead Capital, an institutional investor. Both were priced at discounted 37.5p each.

The net proceeds, seen at roughly £11.15m, would allow RedX to, among other things, continue to progress its pipeline.

At about 13:45 GMT, shares in AIM-quoted RedX were down 4.82% to 39.5p each.