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(Alliance News) - OptiBiotix Health PLC on Monday said it has raised GBP1.4 million through a placing and subscription of shares.
The York, England-based life sciences company said it has raised just over GBP1.3 million through a placing of 6.6 million shares priced at 20 pence each.
It raised a further GBP25,000, after Director Graham Myers bought 125,000 shares at the issue price.
Shares in OptiBiotix closed down 12% to 20.93p each in London on Monday.
OptiBiotix said the funds will be used to invest in "driving sales."
Chief Executive Stephen O'Hara commented: "The company has made strong progress over the last 12 months with our first-generation products returning to sales growth, a number of well-known corporate partners reaching agreements (e.g. Tata, Brenntag, Morepen) and the launch of new products with major brands (MuscleTech, Dr Morepen) in new channels. We are also seeing growth of online sales, particularly in China, and the potential to replicate this success in other territories, such as India and the US.
"More recently we have seen strong interest in SlimBiome from partners in the US looking for a natural, clinically proven alternative to the anti-obesity drugs currently available. Given the scale of the opportunities, the board has decided to raise additional capital to capitalise on these growth opportunities and build shareholder value."
By Sophie Rose, Alliance News senior reporter
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