13th Jun 2019 14:20
(Alliance News) - Life sciences investor Agronomics Ltd on Thursday said it has successfully raised GBP4.5 million, shortly after switching investment focus.
Agronomics, which was until recently called Port Erin Biopharma Investments Ltd, on Monday said it would raise the cash to fund investment opportunities within the alternative foods sector. It used to target the biotechnology and biopharmaceutical sectors.
Agronomics has placed 90 million new shares at 5 pence, with the subscription 30% oversubscribed. Of the GBP4.5 million, GBP1.1 million was taken up by Non-Executive Director Jim Mellon, who now holds 25% of the company, from 29% before.
Shares were 8.7% higher on Thursday afternoon at a price of 7.61p each.
Non-Executive Chair Richard Reed and Non-Executive Director David Giampaolo took GBP100,000 each.
Reed commented: "I am extremely pleased with the success of the fundraise. The level of over-subscription demonstrates strong investor interest in this exciting investment sector and Agronomics is well placed to take advantage of alternative food opportunities which are often not available to the retail market."
Related Shares:
Agronomics