Onzima Ventures Acquires N4 Pharma Limited

Onzima Ventures has announced the conditional acquisition of the remaining 51% of the issued shares of N4 Pharma Limited, effectively taking over the firm.

Consideration for the acquisition will be satisfied by the issue of 4,510,800 New Ordinary Shares and 4,591,400 Deferred Consideration Shares.

The Company has also conditionally raised £1.5 million (gross) by way of a placing of 21,428,571 New Ordinary Shares at 7p per share .

This will be utilised in order to fund development of additional patent applications for reformulations of a wide range of generic drugs, and also to undertake clinical trials for N4 Pharma’s reformulation of sildenafil and for working capital purposes.

The acquisition constitutes a reverse takeover for the purposes of the AIM Rules for Companies. Accordingly, the acquisition and the capital raising are conditional, amongst other things, on shareholders’ approval to be obtained at a general meeting due to be held in May.

A special resolution will be proposed at the general meeting to approve the change of the name of the Company to N4 Pharma plc.

If the resolution is passed, the Company’s AIM symbol will be changed to N4P and its website address will be changed to www.n4pharma.com with immediate effect.

Nigel Theobald, CEO of N4 Pharma,suggested that the new acquisition will have a massively positive impact on the capabilities of the drug manufacturer.

“Today marks an important step forward for N4 Pharma and we are delighted at the support of investors at this exciting time. Bringing a new drug to market is inherently risky, time consuming and extremely costly. However, the established process of reformulating already established drugs reduces the risk, cost and length of time it takes to bring new versions of these drugs to market.”

Theobald also outlined some of the plans of the company in the immediate future.

“Following completion of the transaction, the net funds raised will enable N4 Pharma to accelerate its work on the reformulation of generic drugs and those that are coming to the end of their patent protection, each with attractive commercial opportunities, as well as expand our product portfolio. We look forward to life as a publicly traded company and will continue to update shareholders on progress in due course.”

N4 Pharma, founded in 2014, is a specialist pharmaceutical company which reformulates existing drugs and vaccines to improve their performance.

The commercial strategy of the company is to advance a pipeline of products through clinical proof of concept and then partner to take the products through the relevant regulatory pathway studies to regulatory approval.

 

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