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IS Pharma raises GBP3.6m via cash placing with Abingworth

IS Pharma, a pharmaceutical company, has raised GBP3.6m through the issue of 4,613,160 new ordinary shares at 77 pence per placing share with Abingworth.

Following this placing, Abingworth will be IS Pharma’s largest shareholder with 13 per cent of the shares in issue.

The placing price at 77 pence represents a nine per cent premium to the closing price of 70.5 pence per ordinary share on 5 October 2010.

Tim Wright, chief executive of IS Pharma, says: “Abingworth has an excellent reputation as a strategic healthcare investor and we are delighted with their enthusiasm for investing in IS Pharma, as we continue to implement our growth strategy.”

Joseph Anderson (pictured), partner of Abingworth, says: “We are delighted to join IS Pharma at this crucial stage in its development and see substantial growth opportunities ahead. We look forward to becoming partners with the company as it reaches towards its goal of becoming a leading specialty pharmaceutical player in Europe.”

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