Merrion Pharmaceuticals has placed almost 2 million new shares at a price of €4.05 per share ahead of its admission to Dublin's IEX on December 18. The placing raised €5.6m.
The company said that the total number of shares in issue when it lists will be 16,538,768 and, based on a share price of €4.05, the market capitalisation of the company will be €67.16m.
Merrion Pharmaceutical's CEO Mike McKenna said that the majority of the net proceeds from the placing will be used to fund clinical trials and other research and development activities to progress the development of our key product candidates.
