Sinclair Pharma is raising £19 million to repay debt, buy product licences and develop existing technologies.
Oral health and dermatology specialist Sinclair Pharma is raising £19 million at 28p per share to repay a debt facility, buy product licences and develop existing technologies.
Chris Spooner, the ex-healthcare-related hedge fund boss now running the fully-listed company, says ‘established shareholders’ are putting up the money to support his growth strategy.
He says the funds raised will repay a ‘restrictive debt facility’ from a division of the Octopus Investments group, develop existing products Flammacerium (wound care) and Delmopinol (anti-plaque) and finance licensing rights to two products, drug giant Novartis’s Terbanafine athlete’s foot spray and US group Advanced Bio Technologies’ gel and spray scar reduction formulation, Kelo-cote.
Spooner has been restructuring loss-making and cash-hungry Sinclair and more deals could be in prospect.