2nd May 2014 09:25
LONDON (Alliance News) - Union MedTech PLC Friday priced its initial public offering on AIM, raising GBP20 million ahead of admission next Thursday, when it also will acquire REX Bionics Ltd and change its name to Rex Bionics PLC.
Union MedTech is currently listed on the London Stock Exchange's ICAP Securities & Derivatives Exchange, known as the ISDX, and will cease trading on that market on Wednesday.
Union MedTech raised GBP10 million through the placing of 5.6 million shares at 180 pence by Oriel Securities, giving it a market capitalisation of GBP25.7 million.
It will use the funds raised to commercialise and develop REX Bionics RED technology, a hands-free robotic exoskeleton for wheelchair users.
The company will initially target the spinal cord injury market in the US and Europe, and its key focus will be the rehabilitation market. Rex Bionics is currently working on a next generation of the product, called REX 3.
Meanwhile, Safestay began trading on AIM Friday, following a GBP4.8 million initial public offering that has given the hostel operator a market capitalisation of GBP6.6 million. Safestay also raised GBP2.8 million by issuing convertible loan notes. It will use the GBP6.7 million net proceeds from the placing and note issue to repay an outstanding consideration due to Moorfield Group Ltd.
Safestay was formed as a joint venture between Moorfield and Safeland Group PLC in April 2011. However, in January Safeland announced that it would be de-merging the business, buying out Moorfield Fund's interest in the process.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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