Onzima buys remaining 51% of N4 Pharma

Onzima Ventures said on Tuestday it would buy another 51% of N4 Pharma Limited shares with 34609210 new ordinary  shares of of 0.1p each in its capital. The acquisition should be completed by mid-April 2017. 

Nigel Theobald, the founder and Chief Executive of N4 Pharma will be appointed as a director, as well as new directors, while Professor Mughal and Gavin Burnell will step down as directors of Onzima.

Onzima will also seek to raise approximately £3.0 million through placing new Ordinary Shares for funding development of additional patented reformulations of a wider range of generics, and for clinical trials for its reformulation of Sildenafil and for working capital purposes.

We couldn’t find any information on N4’s website.

Onzima will also discuss with its shareholders about changing its name to N4 Pharma plc, and after the acquisition, Onzima’s trading division will cease to exist. Onzima has today agreed to increase its loan to N4 Pharma from £209,000 to £309,000.

Stockdale Securities Limited has been appointed as Onzima’s nominated adviser and broker.

Furthermore, it is expected that the temporary suspension of trading on AIM in the Ordinary Shares will remain until completion.

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