Last checked at 
LONDON (Alliance News) - Cambridge Cognition Holdings PLC said three of its directors subscribed for shares as part of a broader fundraising on Monday.
Cambridge Cognition Holdings on Monday said it raised GBP1.3 million in an oversubscribed share placing, as it reported a widened pretax loss for 2015.
The company, which is focused on the development and marketing of computerised neuropyschological tests, raised GBP1.3 million through the placing of 3.7 million shares at a price of 37.0 pence each.
Chairman Michael Lewis subscribed for 5,406 shares, increasing his shareholding to 33,375 shares, or a 0.16% stake.
Chief Executive Officer Steven Powell subscribed for 40,541 shares, which makes up his entire shareholding, equal to 0.20% of the company's total voting rights. Having previously been interim CEO, he was given the job on a permanent basis in February.
Chief Financial Officer Nick Walters subscribed for 67,568 shares taking his shareholding to 186,937 shares, equal to a 0.92% stake.
The company said it plans to use the proceeds of the placing to invest in its sales infrastructure to speed up sales growth, commercialise its products, and advance regulatory approvals.
In addition, Cambridge Cognition reported a pretax loss of GBP867,000, widened from a loss of GBP304,000 in 2014, as revenue slipped to GBP5.04 million from GBP5.8 million. The company attributed the fall in revenue to a reduction in hardware revenue, after it shifted towards cloud-based products.
Shares were down 1.4% at 40.42p Monday.
By Arvind Bhunjun; arvindbhunjun@alliancenews.com; @ArvindBhunjun
Copyright 2016 Alliance News Limited. All Rights Reserved.
