2nd Aug 2024 13:43
(Alliance News) - SkinBioTherapeutics PLC on Friday said it has raised GBP1.6 million, thanks to the backing of two investors.
The skin health-focused life science company said it has received GBP1.6 million backing in total from Premier Miton and Cynosure Capital Pty Ltd.
Although it was not on the hunt for "further funding", as it already had enough in its coffers to run until in the first-quarter of next year, the new "investment removes any uncertainty about medium term financing".
It noted that 14.9 million shares were placed, at 10.5p each, a figure that is 25% below its current share price.
It shares were down 1.8% to 14.00p each in London on Friday afternoon.
"It's extremely rare for small cap companies to be proactively approached by larger investors in this manner, and the support of Premier Miton and Cynosure Capital is a real endorsement of the huge potential of our business," said Chief Executive Stuart Ashman.
"This funding now extends our cash runway through 2025, removing any uncertainty in the short-to-medium term and underpinning our ability to deliver the exciting projects that we currently have underway. Whilst further dilution was not something we undertook lightly, we are not seeking any further authority to issue shares this year."
By Sophie Rose, Alliance News senior reporter
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