Hvivo, the pharmaceutical services company formerly known as Open Orphan, said it had sold almost 30 million placing shares, about 4.4 per cent of the company’s share capital.
The 29.95 million shares were sold at a price of 28 pence per placing share, for a total of almost £8.4 million (€9.8 million).
The sale comes after the company said in a statement on Wednesday morning that some of its directors would sell 14 million shares to satisfy stronger institutional demand than anticipated.
Hvivo said a series of meetings with new and existing institutional investors showed demand for ordinary shares was in excess of those readily available for sale. The decision was made to release the shares due to the strategic importance a strong and supportive institutional shareholder base.
The company, which specialises in testing infectious and respiratory disease products, said the directors would sell the shares – about 25 per cent of their current shareholding.
Chairman Cathal Friel’s Raglan Road Capital Limited and Raglan Securities Limited investment vehicles were taking part in the placing, along with Mr Friel’s spouse Pamela Iyer, director Brendan Buckley and Horizon Medical Technologies Limited, an investment vehicle controlled by Mr Friel.
Following the sale, Mr Friel controls 3.1 per cent of the company’s stock, while Mr Buckley has a shareholding of 0.59 per cent.
Hvivo was formed when Mr Friel reversed his pharma services business, then known as Open Orphan, into Dublin-listed drug clinical trials manager Venn Life Sciences. It rebranded as Hvivo in 2022.
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