Proactive Investors - IQ-AI Ltd (LON:IQAI) has successfully raised £371,000 before expenses through the issuance of 20 million new ordinary shares at 1.5p each, alongside 4,733,333 broker option shares.
The total raised included £300,000 from the placing and £71,000 from the broker option exercisable by Peterhouse Capital Limited.
These funds will support the ongoing development of its oral anti-tumour agent, which has fast-track designation status from the US Food and Drug Administration and is currently being studied in a phase one trial.
Admission of the new shares to the UK Listing Authority's Official List is expected around 1 March 2024, with trading to commence immediately.
This brings the company’s issued share capital to 221,709,789 ordinary shares, all of which are voting shares.