BDB Pitmans advises ImmuPharma PLC on the issue of convertible securities and associated options to raise up to $6.3 million (£4.94 million)

The BDB Pitmans corporate team was instructed by ImmuPharma PLC on the issue of unsecured convertible securities and associated options to raise up to $6.3 million (£4.94 million).

ImmuPharma is to issue $3 million (£2.35 million) in face value of securities to two US specialist healthcare investors, L1 Capital Global Opportunities Master Fund and Lind Global Macro Fund LP, managed by The Lind Partners, LLC (‘the Investors’) with a maturity period of 18 months.

In addition, the Investors have been granted 15,703,942 options in the company, which may be exercised at any time up to 3 years, which, if all exercised, would amount to $3.6 million (£2.82 million).

ImmuPharma is an AIM-listed drug discovery and development company and a long standing existing client of the firm. The funds will be used to fund the continued expansion of the company’s R&D programmes and for general working capital.

The BDB Pitmans team was led by corporate partner Philip Lamb who was assisted by senior associate Mireille Turner.

Philip Lamb comments:

‘The corporate team is delighted to continue its long-standing relationship with ImmuPharma as it continues to raise funds to carry out its valuable work.’

Tim McCarthy, chairman of ImmuPharma comments:

‘It is always a pleasure to work with the corporate team at BDB Pitmans and on this transaction in particular Philip and Mireille did a fantastic job.’