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(Alliance News) - Digital health firm Trellus Health PLC on Friday said it raised GBP28.5 million in its float on London's junior AIM market.
The New York-based firm priced its IPO at 40 pence per share and has a GBP64.6 million market capitalisation on admission.
The stock was trading at 59.90p per share on Friday morning, up 50% from its float price and valuing the company at GBP96.7 million.
Trellus is commercialising a digital health platform aimed at managing chronic health conditions.
London-listed EKF Diagnostics Holdings PLC made a USD5 million investment in Trellus back in August 2020.
N+1 Singer acted as sole bookrunner and nominated adviser.
Cash raised will go towards the development of the TrellusElevate platform and capital expenditure, Trellus explained,
"We are delighted by the strong support shown by institutional and other investors in our AIM IPO and incredibly proud to have reached this important milestone. Our AIM IPO will enable us to scale our business and technology platform, and in turn inspire hope and significantly improve outcomes for people suffering with chronic conditions," Chief Executive Officer Monique Fayad said.
"Our initial focus is on inflammatory bowel disease in the US, but over time we anticipate expanding our reach to target selected additional geographies and to support other chronic conditions."
By Eric Cunha; ericcunha@alliancenews.com
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