32    Post balance sheet events

Convertible loan notes
In September 2009, the Company issued convertible unsecured loan notes worth approximately £2.3m to a leading institutional investor. A first series of £1.0m of the notes were issued immediately with the final £1.3m drawn down in early October.

Purchase of Flammazine and Flammacerium from Solvay Pharmaceuticals
On 12 October the Company announced that it has agreed to acquire the worldwide commercial rights for Flammazine and Flammacerium from Solvay Pharmaceuticals for a total consideration of €17.5m. The acquisition will be funded via a combination of debt and equity raised from new and existing investors. Subject to shareholder approval the acquisition is expected to complete at the end of November 2009.

Proposed fundraising
To finance the acquisition the Company has announced an equity fundraising of up to £25.0m through a firm placing of up to £12.5m and an open offer of £12.5m (together the “Fundraising”). The Fundraising, which is being done at 32p per share, has been fully underwritten by irrevocable placing letters.

The Company also announced on 29 October that it has entered into a new debt facility of up to £9.0m which it intends to use to finance the proposed acquisition and provide working capital, and a further £3.0m to be used to replace an existing facility. As a consequence, the Fundraising will be scaled back to £18.0m.