20th Jan 2021 16:40
InnovaDerma PLC - London-based developer of beauty, personal care and life science products - Raises GBP4.5 million from oversubscribed share placing and subscription. Places 11.4 million shares at 35 pence each and offers 1.4 million shares for subscription at same price.
The net proceeds are intended to be used to strengthen InnovaDerma's balance sheet, as well as to provide capital to accelerate the company's global direct-to-consumer strategy and to enhance its e-commerce infrastructure and operational capacity.
The firm's directors will subscribe for 1.8 million share as part of the subscription.
Chief Executive Blake Hughes says: "InnovaDerma was trading well prior to the onset of Covid-19. This placing will ensure we can enhance our strong e-commerce infrastructure and operational capacity to capitalise on significant growth opportunities in the digital space as we emerge from the pandemic."
Current stock price: 44.15 pence
Year-to-date change: down 29%
By Paul McGowan; [email protected]
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