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Fusion Antibodies debuts on London's AIM market

Fusion Antibodies Ltd. shares were admitted for trading on London's AIM market under the FAB ticker.

The U.K.-based contract research organization filed for an IPO on Dec. 12 and raised £5.5 million via the conditional placement of 6,707,317 new shares at a price of 82 pence.

Allenby Capital Ltd. was the nominated adviser and broker of the placement.

The funds will help the company expand its existing laboratory space, sales and marketing efforts, and for working capital purposes.

Additionally, certain existing shareholders of the company sold 1,310,976 stock in the IPO for £1.1 million.