7th Nov 2013 11:24
LONDON (Alliance News) - Toumaz Limited said Thursday that it had raised GBP17.7 million through the conditional placing of 442.5 million shares at a placing price of 4 pence each.
The company, which produces low-power wireless semiconductor and software technologies, said the proceeds will be used to support the commercialisation of three important chip development programmes, as well as the development of the sales and marketing infrastructure for its wireless healthcare monitoring system SensiumVitals.
"The drive for further efficiency and better patient care in hospitals and beyond means that the global wireless patient monitoring market is forecast to grow eightfold in the next four years," said Chief Executive Officer Anthony Sethill in a statement.
"This placing enables us to invest further in becoming a key supplier within this dynamic new market, as well as maintain our leading position in the digital radio and network audio space with innovative chip developments."
Shares in Toumaz were trading down 6.0% at 4.47 pence Thursday morning.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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