BIOTECH firm Oxford Biomedica has launched a fundraising drive in a bid to secure more than £25m to develop its core technology.
The company, based at the Oxford Science Park, will issue almost 1.3 billion new shares at a price of 2p each.
The aim is to develop the company’s LentiVector technology which is being applied to treatment of a range of eye conditions in particular.
Chief executive John Dawson said: “The support of our existing and new shareholders in this fundraising brings us the financial stability to now drive significant value for the future.”
The firm has also announced that chairman Nick Rodgers is standing down as soon as a replacement can be found.
Mr Rodgers said: “I look forward to watching Oxford BioMedica’s future successes.”
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