(Alliance News) - Intelligent Ultrasound Group PLC said Thursday that it launched a placing to raise GBP6.3 million through the issue of 62.5 million shares.
The shares placed are available to new and existing investors and are priced at 10 pence each. This price is equal to the intelligent ultrasound software company's closing price of 10p on Wednesday.
The company is also aiming to raise an additional GBP250,000 through an open offer to qualifying shareholders via the issue of up to 2.5 million shares at the same price as the placing.
The proceeds of the placing and open offer will be used to complete the development and launch of the group's sonography products, Scannav, and for general working capital.
"This is an exciting time for the group. The fund raise will enable us to bring our first Intelligent Ultrasound products to market under the group's recently signed OEM agreement, complete the development and launch our second AI product, as well as accelerating the development of a range of follow-on clinical AI products. We believe the market for AI-based software tools, in the real-time ultrasound image analysis sector, has considerable potential and we would like to thank both our new and existing shareholders for their support," said Chief Executive Officer Stuart Gall.
Shares in Intelligent Ultrasound were untraded in London on Thursday, having last closed at 9p each.