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LONDON (Alliance News) - NetScientific PLC on Friday said it has raised a total of GBP18.1 million from its placing and additional fundraising, slightly less than the total targeted.
The biomedical and healthcare technology company said in October it would raise up to GBP20.0 million via the issue of 16.7 million shares at 120.00 pence per share. Of the target, GBP18.0 million was targeted from a placing, with the other GBP2.0 million from an additional fundraising tranche.
NetScientific said it raised a total of GBP18.1 million from the two issues, after only 7.2% of the additional fundraising portion was taken up.
Shares in the company were untraded on Friday, having last traded at 116.00 pence.
The funding will back a realignment of the company's strategy. It is seeking to focus only on healthcare, particularly the sub-sectors digital health, diagnostics and therapeutics and has begun to sell off non-performing assets and assets that fall outside of this area.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
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