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(Alliance News) - Tekcapital PLC on Friday said investee Belluscura PLC is aiming to raise up to GBP15 million on the junior AIM market of the London Stock Exchange when it floats at the end of the month.
Belluscura is planning to raise the GBP15 million through a placing at between 42 pence and 48p per share when it floats in late May. The company as a whole is expected to be valued at between GBP50 and GBP55 million.
London-based intellectual property investment firm Tekcapital owns 18%, or a total of 10.5 million shares, in medical device developer Belluscura.
Shares in Tekcapital were up 15% at 14.99 pence in London on Friday.
Belluscura said funds raised would be used to improve marketing, research new products and help secure US Food & Drug Administration product approval.
"We are delighted to announce our intention to float on AIM," commented Belluscura Chief Executive Robert Rauker.
"These additional funds will allow us to accelerate our sales effort and the commercial roll-out of the first of our portfolio of oxygen concentrators under development. Our patented oxygen enrichment technology is designed to positively impact millions of people across the globe suffering from serious respiratory diseases."
By Will Paige; willpaige@alliancenews.com
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