16th Jul 2014 09:40
LONDON (Alliance News) - Biotechnology company TyraTech Inc Wednesday said it has conditionally raised GBP3.5 million before expenses in a oversubscribed placing and subscription of new shares, funds it said it will use to launch its Vamousse head lice product line with UK and US retailers.
The company, which focuses on nature-derived insect and parasite control products, said its Vamousse head lice product range will be stocked in Superdrug and Boots stores in the UK.
TyraTech said it will use the funds raised to launch its Vamousse product range in the Superdrug and Boots stores, as well as with potential other UK and US retailers and to expand further geographically. It said it will also use a small portion of the proceeds for additional working capital.
The company placed the shares at 7 pence per share. TyraTech shares were trading 9.6% higher Wednesday morning at 8.49 pence.
"Due in part to the success and interest generated in the US, TyraTech has been able to capitalise on opportunities in the UK market in a shorter timeframe than was previously envisaged," said Chief Executive Bruno Jactel in a statement.
In May, the company's Vamousse head lice product line became available to purchase online across the US, a move the company said represents "a significant step in the second phase of its commercialisation strategy in the US".
By Rowena Harris-Doughty; [email protected]; @rharrisdoughty
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