11th Jun 2020 14:18
(Alliance News) - Diaceutics PLC on Thursday said it has conditionally raised GBP20.5 million before expenses through a share placing to strengthen the balance sheet in readiness for new growth opportunities.
The diagnostic commercialisation company said it placed 14.1 million shares with new and existing investors at a price of 143p each. In addition, it raised GBP264,415 following an exercise of warrants. Diaceutics said 347,915 warrants were exercised at a price of 76 pence each.
The company will have more than 80 million shares issued overall.
AIM-listed Diaceutics shares were trading 4.0% higher in London on Thursday at 156.00p each, giving it a market capitalisation of GBP108.6 million.
The Belfast-based company said the proceeds will be used for integration of new data insights beyond oncology, as it is on track to launch DXRX - The Diagnostic Network, its unique digital platform, in the final quarter of 2020.
"The placing was oversubscribed underpinning the level of support available for our strategy of strengthening the balance sheet and providing the resource for taking advantage of future opportunities not currently visible," said Chair Julie Goonewardene.
"In taking this additional funding we not only strengthen our balance sheet but also ensure that we can, if required, dramatically increase resources around the new DXRX platform in response to any additional demand from our clients. With this platform on track for launch later this year, I am incredibly excited by the opportunities we have to create significant long-term value for all our stakeholders," added Goonewardene.
By Evelina Grecenko; [email protected]
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