LONDON (ShareCast) - Drug developer SkyePharma took a tumble Tuesday as investors digested plans, announced last night, to reorganise its debt, which includes raising a net £18.4m from a placing and open offer at 1.5p a share.

The company lost 30% of its value on the news, but boss Ken Cunningham said he was “delighted” will the renegotiation of two convertible bonds and the fundraising.

“This completes the corporate refinancing of SkyePharma which began shortly after the new team joined in 2006,” he said. The funds will be used to provide working capital to enhance the firm’s core oral and inhalation business.

In a separate statement, Gartmore Investment Limited revealed today it had taken a short position of 2.37m shares.

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