Silence Therapeutics this week announced that it is closing in on a much-needed financial shot in the arm, inking deals to raise £18.7 million ($28.6 million) through the private placement of 9.5 million shares to certain investors.

Additionally, the company is planning a reverse stock split under which stockholders will receive one share of the company for every 50 shares held — a move intended to improve the overall marketability of Silence’s stock.

Both transactions are contingent on shareholder approval at a general meeting on April 29.

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