1st Dec 2023 10:18
(Alliance News) - RUA Life Sciences PLC on Friday announced the results of the equity raise it announced after the London market close on Thursday, taking in GBP4.0 million.
The Glasgow-based medical technology holding company said it raised GBP4.0 million the placing of 36.4 million new shares at 11 pence per share, which was a 46% discount to Thursdays closing price of 20.33p. RUA Life Sciences raised GBP80,000 from directors intending to subscribe for another 727,272 shares. The total fundraise was in line with the goal set out on Thursday.
RUA Life Sciences also plans a retail offer of up to 6.8 million shares at the same price to raise a further GBP750,000.
The stock was down 43% to 11.80 pence each on Friday morning in London.
Chair Bill Brown said: "Following our change of strategy, the funds will be targeted at accelerating growth within contract manufacturing; strengthening the company's balance sheet to aid the commercialisation phase of its research & development projects within the company's vascular graft."
By Tom Budszus, Alliance News slot editor
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