Redx Pharma PLC announced that Redmile Group, LLC, a large and well-funded US based specialist healthcare and life sciences investment firm, has confirmed to the Board that it, together with Sofinnova Partners – an active European life science institutional investor – will provide up to £26.3 million of funding to Redx.
Redmile has subscribed for 11.5m shares at 11.2p per share and will also provide short term debt financing of £5m.
Additionally, Redmile and Sofinnova Partners intend to invest £20m in the form of a convertible loan note.
The immediate subscription proceeds of £1.3 million for new ordinary shares will serve to extend cash runway until the end of April 2020 and will be used for general working capital purposes.
For the announcement click here