15th May 2018 15:28
LONDON (Alliance News) - Premaitha Health PLC said on Tuesday it raised GBP2.5 million via a share subscription, on top of reporting a doubling of revenue for its recently ended financial year.
The company raised the funds through a subscription of 55.5 million shares at a price of 4.5 pence each. Shares in the molecular diagnostics group were down 0.9% at 7.28 pence on Tuesday.
Proceeds will go towards funding continued international expansion of Premaitha's sales channels, further product developer in non-invasive prenatal testing and adaptation of the current products to provide a range of development tools for potential partners in other area of clinical genetics.
In addition, the group reported revenue for the year to the end of March at GBP6.2 million, doubled from GBP3.1 million the year before, coming from a full-year contribution from the acquisition of Yourgene Bioscience in March 2017.
Also, Chief Medical Officer William Denman will step down from the company with immediate effect after seven years in the role since 2011, as Premaitha organises its executive roles for "greater clarity between execution and strategic responsibilities".
Finally, Premaitha Health has signed an agreement with Massive Genomics, which is part of the Nairobi In Vitro Fertilization in Kenya to set up an NIPT centre, which is expected to be operational by September.
Also, an agreement has been signed with a laboratory group in India to set up an NIPT laboratory in the north west region of Gujarat.
"Our first full year as the enlarged Premaitha group has been one of excellent commercial progress following the effective integration of the acquired Yourgene business. To have doubled revenues, with the majority of growth coming from outside of Europe, demonstrates the success of Premaitha's commercial strategy," said Chief Executive Officer Stephen Little.
"Massive Genomics is well placed to draw demand for NIPT from both within Kenya and the surrounding region. We also continue to build upon our presence in India, where we believe there are substantial opportunities underpinned by continued growth in demand for NIPT, driven by both increasing awareness and accessibility," Little added.
Premaitha Health now has 386.8 million shares issued overall.
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