3rd Feb 2016 08:36
LONDON (Alliance News) - Healthcare IT services company Instem PLC on Wednesday said it has raised GBP5.0 million through a share placing to back its acquisition plans.
The company has raised the funds by issuing 2.5 million shares at 200.00 pence per share. Shares in the company were untraded on Wednesday, having last traded at 202.11p.
The placing will be conditional on securing shareholder approval, and the proceeds will be used to back acquisitions by the company, along with funds to support its organic growth and boost working capital.
Non-Executive Director Mike McGoun subscribed for 22,500 of the shares in the placing.
"This fundraising comes at the ideal time as both Instem and our life sciences clients enjoyed great success in 2015. With record levels of potential new drugs moving through the earlier stages of the research and development pipeline, the industry is keen to deploy proven and innovative technologies that can increase their efficiency and effectiveness while maximising patient safety," said Phil Reason, Instem's chief executive.
In addition to the placing, the DG 2008 Discretionary Settlement, of which Chairman David Gare is a trustee, and Non-Executive Director David Shepwin are to sell shares in the company at the same price as the placing.
The DG settlement will sell 600,000 shares, while Shepwin will sell 200,000.
By Sam Unsted; [email protected]; @SamUAtAlliance
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