6th Mar 2015 11:08
LONDON (Alliance News) - Electrical Geodesics Inc said Friday it has raised GBP2 million through a heavily discounted conditional placing of 3.1 million shares at a price of 65 pence each.
Shares in the neurodiagnostic medical technology company are untraded Friday. It last closed at 142 pence.
The company will use the funds for its general working capital and to fund a clinical study into GTEN, or geodesic transcranial electrical neuromodulation, in epilepsy.
The placing is conditional on the passing of a resolution at a special meeting March 16.
"We are delighted to have this support from new and existing shareholders. We look forward to bringing our strong, near-term development pipeline to market to supplement our existing product portfolio and drive sales growth," said Chairman and Chief Executive Officer Don Tucker in a statement.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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Related Shares:
EGI.L