Up to £11m has been raised by a clinical stage drug development company to fund its future growth.
Evgen Pharma, which is listed on AIM and has bases in Liverpool and Wimslow, has secured the additional capital by way of an open offer.
The move comes after the company announced its intention to raise the proceeds on February 2, at an issue price of 8p per new ordinary share. A total of 137,490,676 shares will now be issued.
The fundraising remains conditional on the approval by shareholders of the resolutions at the company's General Meeting to be held at 10am on Wednesday.
Evgen Pharma said the funds will be used to progress cancer treatments and to hire a chief business officer and a chief scientific and medical officer.
The business is a clinical stage drug development company developing sulforaphane based medicines for the treatment of multiple diseases.
It started operations in January 2008 and joined AIM in October 2015.
