23rd May 2018 12:44
LONDON (Alliance News) - Physiomics PLC on Wednesday said that it raised GBP525,000 through share placing to grow the business and expand its client base.
The biotechnology company issued 13.1 million shares at a price of 4.0 pence each through investment service Hybridan LLP. The company noted that the share price reflects a 60% premium to the price at which it last raised money in September 2016.
Shares in Physiomics were trading 24% lower at 4.59 pence each on Wednesday.
The funds will go towards the business development and will enable the company to invest in future grant projects, update its IT infrastructure and expand its in-house team.
Physiomics highlighted that expansion decision reflects a significant rise in interest from potential new clients, following the EUR500,000 contract win with pharmaceutical company Merck KGaA and the award of Innovate UK grant.
After the admission, Physiomics will have a total of 71.9 million issued shares.
"We are delighted by the continuing support of current shareholders and the addition of new institutional investors to the register," said Chief Executive Jim Millen.
"The directors believe this fundraising will provide a solid platform to support the growth of our business and the expansion of our client base," Millen added.
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