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hVIVO raises £20.5m to support portfolio development

Life sciences firm hVIVO has conditionally raised £20.5m to support its development portfolio.

The company placed 9.1 million shares with existing institutional shareholders at 225.00 pence per share.

hVIVO will use the net proceeds of sale to progress PrEP-001 to Phase IIb, start asthma stratification and advance the flu pathomics outputs into product candidates.

The proceeds are expected to be invested in the research and development programs over the next two years.

hVIVO CEO Kym Denny said: "We are delighted at the response and immense support we have received from our shareholders to raise these funds.

"This has been a remarkable year, one where the growing recognition regarding the value of the hVIVO platform culminated in our PrEP Biopharm announcement and we gained access to an innovative Phase IIa compound, PrEP-001."

hVIVO is exploring a technology platform of human disease models to speed up drug discovery and development in respiratory and infectious diseases.

Earlier this month, hVIVO made an investment in the UK-based start-up, PrEP Biopharm, to further develop new prophylactic treatment for respiratory infections.

hVIVO will acquire a significant interest in PrEP for £14m, and PrEP will contract hVIVO Services to handle a £10m phase IIa clinical programme of work on its PrEP-001 compound in 2015 and 2016.

PrEP-001 is a nasally administered, broad-spectrum agent which uses immune system to prevent upper respiratory tract viral infections (colds and flus).