22nd May 2020 12:16
(Alliance News) -Â Tissue Regenix Group PLC on Friday said it has raised proceeds of GBP14.6 million via a placing and subscription, the overall size of the fundraise increased due to "significant excess demand".
The medical technology firm raised the funds via a placing and subscription of 5.85 billion shares at a price of 0.25 pence each. The stock closed at 0.975p on Thursday.
Tissue Regenix shares were 53% lower at 0.465p in London on Friday.
The firm on Thursday had said it planned to issue 4.80 billion shares to raise GBP12 million.
"We are extremely pleased with the support shown by both new and existing investors as part of this fundraise. We continue to experience strong demand for our products. This injection of additional capital will allow for the commencement of the planned manufacturing capacity expansion in the US enabling us to increase the output of our San Antonio facility, unlock additional revenues and realise new partnership opportunities we foresee potentially emerging," said Interim Chief Executive Gareth Jones.
By Lucy Heming;Â [email protected]
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