Abzena - Fund-raising could drive transformational growth
Abzena recently announced a placing of £25m gross (issuing 75.8m new shares at 33p) to expand its service offering, capacity and capabilities. Importantly, we expect this fund-raising to take Abzena to profitability, which will be a significant milestone for the company. We have increased our valuation to £132m (vs £105m), primarily due to the increase in forecast service revenues, improved gross margin and cash position.Abzena is providing a range of complementary services and technologies for the selection, development and manufacture of biopharmaceuticals.
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