Biophysics firm aims to raise £2m
mercredi, 21 octobre 2009
York-based spin-out biophysics company Avacta, which provides technologies and services to the pharmaceutical and diagnostics markets, aims to generate £2 million in an effort to boost profits.
The Leeds University spin-out biophysics firm said the cash would support the "rapid growth" of Avacta's own products and services.
Invested funds will boost commercialisation of the company's new products and diagnostic tests by improving its infrastructure and commercial teams.
In a statement, Avacta added: "The company has identified and is exploring other potential acquisition targets, each of which could bring technologies and expertise into the growing business."
The £2 million equity raising, before expenses, will see more than 133 million new ordinary shares of 0.1p conditionally placed at a price of 1.5p per ordinary share.
Almost 100 million new ordinary shares have been placed with institutional and other existing and new shareholders.
Avacta, whose flagship Optim product provides drug developers with information at the early stages of development to help drug companies bring products to market quicker and at lower cost, said it was set to launch Midas - its first diagnostic product - into the veterinary market early next year.
Copyright © Press Association 2009