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Memery Crystal advised client Turner Pope on two placings in one week
At a glance
Memery Crystal advised client Turner Pope on two placings, which included a broker option, for Midatech Pharma and Sound Energy, respectively raising up to £5.75 million and £3.2 million.
Midatech Pharma is a drug delivery technology company focused on improving the bio-diversity and bio distribution of medicines. The result of the UK Placing of 18,518,518 Placing Shares at an Issue Price of £0.27 per share was announced on the 27th July, and was significantly oversubscribed, and brings new UK institutions into the Company’s shareholder base.
The proceeds of the UK Placing will be used to advance the Company’s internal pipeline of Q-Sphera products through proof-of-concept and in vivo studies for potential out-licensing; develop Q-Sphera technology for unique application with biologic active pharmaceutical ingredients; and for general corporate purposes.
Sound Energy is a Moroccan focused upstream gas company. The net proceeds of the placing of £2.75 million and any additional proceeds from the Broker Option will be used to strengthen the Company’s cash position whilst the company continues to progress its phased development strategy.
The Memery Crystal team in both deals was led by CEO & Senior Corporate Partner Nick Davis alongside Director Melanie Talbot, and Senior Associate Robert Black.
Commenting on the deals, Nick Davis said: “It was a pleasure to work with the Turner Pope team on both transactions. Completing two separate placing in one week further builds upon our strong track record in acting broker-side in fundraisings and we look forward to working with them again in the future.”
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