7th Feb 2025 10:55
(Alliance News) - Belluscura PLC on Friday said it has raised around GBP4.0 million by way of a share placing, and launched a retail offer to raise up to a further GBP5.0 million.
Shares in the London-based medical device developer were down 68% at 2.07 pence in London on Friday morning. The stock has fallen 89% over the last year.
Belluscura placed 199.2 million new shares on Thursday at 2p each, for which Dowgate and Allenby acted as the joint brokers. The issue price was around a 69% discount to the closing price on Wednesday.
Friday's retail offer will make up to 25 million further new shares available to eligible retail shareholders at 2p per share.
Proceeds from the retail offer will be used for "general working capital purposes and to bolster the company's balance sheet", Belluscura said.
The group also on Thursday announced a shake-up of its board, as Chair Adam Reynolds, Senior Vice President of Sales Robert Fary, and Non-Executive Directors David Poutney and Patrick Strollo are due to resign following the completion of the placing.
Non-Executive Director Paul Tuson will step into the chair role. Fary and Strollo will remain on the board of Belluscura LLC, the company's wholly-owned US subsidiary and principal operating company within the group. All US regulatory registrations and licences will be transferred to Belluscura LLC from Belluscura PLC.
By Emily Parsons, Alliance News reporter
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