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(Alliance News) - Oncimmune Holdings PLC on Thursday said it raised GBP9.0 million in an oversubscribed share placing.
The Nottingham-based company, which makes cancer diagnostic tests, sold 5.0 million shares for 180 pence each in an accelerated bookbuild.
Shares in the company closed up 7.3% at 184.00p each in London on Thursday.
Genostics Co Ltd, an investor in Oncimmune, sold 2.9 million of its shares alongside the placing, cutting its stake to 4.7% from 9.8%. That's after Genostics director Cheung To stepped down as Oncimmune non-executive director in January.
Oncimmune will invest the money in its ImmunoInsights services business in Germany, the company said.
Chief Executive Adam Hill said: "Whilst Oncimmune is already funded to meet previous market expectations, it has become clear that an exciting opportunity exists to deploy additional capital to accelerate the growth of the ImmunoInsights business in the near term."
By Ivan Edwards; ivanedwards@alliancenews.com
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