IS Pharma appoints new broker

IS Pharma has informed investors that the company's nominated financial adviser and broker has changed.

The speciality pharmaceutical firm has appointed FinnCap as its new broker with immediate effect and confirmed the move in a statement on Thursday (November 25th).

FinnCap is an independent broker focused on growing companies and counts veteran venture capitalist Jon Moulton, the former managing partner of Alchemy Partners, as its non-executive chairman.

Earlier this month, IS Pharma announced it had raised 12.5 million pounds through the placing of 15,625,000 new ordinary shares at 80 pence per share.

It said the proceeds of the placing will be used repay "outstanding milestones" and support new acquisitions.

Chief executive of IS Pharma Tim Wright said several shareholders had asked for an opportunity to increase their investment in the company.

"We are delighted that so many of our existing shareholders have supported this fundraising and we are pleased to welcome a number of significant new institutions," he commented.