LONDON (Alliance News) - Biotechnology company Epistem Holdings PLC Tuesday said it has secured Calculus Capital as a cornerstone investor in its planned GBP6.5 million equity raise, and said it has continued to trade in line with expectations.
It expects to report revenue of between GBP4.6 million and GBP5.0 million for the year to end-June, compared to GBP4.5 million the previous year.
Epistem had previously indicated it plans to raise GBP6.5 million to broaden its portfolio of tests for its Genedrive diagnostic system, and to undertake clinical trials and fund increased commercialisation and business development.
It said that some shareholders and investors expressed a desire that, as part of an equity financing, Epistem extend the maturity date of an USD8 million bond. Epistem confirmed Tuesday that it has agreed with Global Health Investment Fund to amend and restate the terms of the bond, subject to the successful completion of a fundraising of not less than GBP6 million at a share price of not less than 70 pence.
Under this agreement the maturity date of the bond will be extended by two years to July 21 2021.
Shares in Epistem were down 8.6% at 80.00 pence Tuesday.
Calculus Capital has agreed to subscribe for GBP2.5 million out of the proposed GBP6.5 million equity issue at an indicative price of between 70p and 80p. Epistem said this gives it confidence that the equity raise will be closed in the near future.
By Hana Stewart-Smith; hanassmith@alliancenews.com; @HanaSSAllNews
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