LONDON (Alliance News) - Sphere Medical Holding PLC Wednesday said it has raised GBP13.2 million before expenses through its placing and open offer, after the open offer portion of the fundraising got valid acceptances for 99% of the shares on offer.
The provider of monitoring and diagnostic devices for critical care launched the fundraising earlier this month in order to continue the commercialisation of its Proxima arterial blood gas analyser product.
It said it raised nearly GBP1.2 million in the open offer after receiving valid acceptances for nearly 7.4 million shares at 16 pence a share.
It raised about GBP12 million in the separate placing of 75 million new shares, with Woodford Patient Capital Trust PLC subscribing for 23.1 million of the shares, or 30.8% of the placing. That gives it a 17.2% stake in Sphere's enlarged share capital.
The placing and open offer need to be approved by Sphere's shareholders at a general meeting on Thursday.
"We are very appreciative of the continued support from a significant number of our long-term shareholders that have taken part in this open offer. The proceeds from the fundraising will further strengthen the company's balance sheet as we accelerate the commercialisation of Proxima in Europe," Sphere Chief Executive Wolfgang Rencken said.
Sphere Medical shares were up 0.5% at 20.10 pence Wednesday morning.
By Steve McGrath; stevemcgrath@alliancenews.com; @stevemcgrath1
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