Sinclair raises L18.2 million

Sinclair Pharma plc (LSE:SPH) raised L18.2 million ($29.7 million) through the sale of 56.7 million shares at 32p in a placing and open offer. The price is a 29% discount to Sinclair's close of 45p on Oct. 9, the last trading day before the deal was announced. Singer Capital Markets was underwriter.

Sinclair has said it will use the proceeds for its previously announced acquisition of worldwide rights, excluding the U.K. and Italy, to Flammazine and Flammacerium from Solvay S.A. (Euronext:SOLB) for EUR 17.5 million ($28.6 million). The silver sulfadiazine topical creams are marketed to treat and prevent infections in burn wounds (See BioCentury Extra, Monday, Oct. 12, 2009). ...