18th Jan 2016 09:45
LONDON (Alliance News) - Advertising technology company Phorm Corp Ltd on Monday said it has raised around USD1.0 million through a subscription deal and said it has continued to cut its cash burn rate.
The company issued 44.8 million shares at 1.55 pence per share to raise the funding, which will be used for working capital purposes.
Shares in Phorm were down 3.1% to 1.58p.
Elsewhere, Phorm said it has continued to reduce its cash burn rate in the final months of 2015, having identified cost savings across the business. It expects its cash burn rate will be around USD1.5 million a month for the second half, down from USD2.5 million in the first half.
The group expects to continue reducing the rate in 2016 through increasing its cash intake from its revenue growth, improving gross margins and cutting more costs.
By Sam Unsted; [email protected]; @SamUAtAlliance
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