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LONDON (Alliance News) - Surgical Innovations Group PLC said Monday it has raised GBP1.6 million through a share subscription, as Chris Rea, founder and major shareholder of AES Engineering Ltd, took an 8.9% interest in the company.
Rea subscribed for 39.46 million new shares at a price of 4 pence, which Surgical Innovations said was a discount of 17.9% on its closing mid-market price of 4.875 pence June 6.
Shares in Surgical Innovations were trading down 1.0% at 4.82 pence Monday morning.
The company, which produces medical technology, said it will use the funds raised for its growth strategy in two areas of minimally invasive surgery. It will produce a new product for 3 millimeter surgery and a reposable seal port access system, a device to simultaneously seal and divide soft tissue.
Surgical Innovations' Resposable concept utilises a combination of disposable and reusable components.
Following this subscription the company has invited Rea to join its board as a non-executive director. He is expected to be formally appointed at the next board meeting June 24.
By Hana Stewart-Smith; hanassmith@alliancenews.com; @HanaSSAllNews
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