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(Sharecast News) - Oncology consultancy Physiomics has raised roughly £829,000 through a share issue to finance further development.
Physiomics said on Wednesday that it had completed the related placing and subscription of 23.67m new ordinary shares at a price of 3.5p each.
The AIM-listed group said the fundraiser was undertaken to increase its sales and marketing spend, recruit another member for its technical team and to increase investments into its personalised medicine technology.
In terms of recent trading, Physiomics said it had received a "strong indication" that it would likely see the signing of a significant contract with a new large pharmaceutical client.
"While is it still possible that the potential new client could withdraw, it is the directors' opinion that this is unlikely," said Physiomics.
"Should the contract be signed, the work is expected to take two of our technical staff around five months to complete."
As of 1030 BST, Physiomics shares had sunk 14.52% to 3.80p.
14 Aug 2014 12:20