UK biopharmaceutical company, Alizyme, said this morning that it was planning to raise £32.8 million pounds, as it posted a narrowing of losses for the full-year 2004, coupled with an increase in revenues.

Specifically, Alizyme will be raising the money through a placing and open offer of 32.8 million new shares priced at 100 pence each, 2.3 million of which will be bought by Quintiles.

Richard Palmer, Alizyme’s chief executive, commented: “This fundraising will allow us to continue to build value for shareholders through the development of our late stage products, whilst negotiating commercial partnerships that will realise the value created in our portfolio to date.”