Redx Pharma proposes raising £12m gross via a placing of up to 20.5m shares and a subscription of 11.5m shares by Lanstead Capital L.P., both at a price of 37.5p each.
Net proceeds of the placing and subscription -- seen at about £11.15m, would allow Redx to continue to progress its pipeline.
Since the IPO in 2015, Redx has made significant progress with its existing research programmes.
It was focused on creating proprietary, best-in-class or first-in-class small-molecule drugs in areas of significant unmet medical need, primarily in cancer and immunology.
"This pipeline strategy has been validated by the progression of its first two high-value clinical candidates."