LONDON (Alliance News) - Drug development partner to pharmaceutical companies Venn Life Sciences Holdings PLC said Wednesday it raised up to GBP650,000 issuing 10.8 million shares at 6 pence each.
The fundraising was made up of a 8.8 million share placing and a 2.1 million share subscription.
Chairman Allan Wood and Non-Executive Director Mary Sheahan intend to subscribe for up to 916,667 of the new shares in aggregate.
The issue price of 6 pence represents a 9.4% discount on the closing price of 6.62 pence on Tuesday.
The company said the proceeds from the placing will expand its current resources allowing it to respond to new inquiries in the biostatistics service line, which currently generates EUR1.0 million in annual income.
The company said it wants to acquire certain parts of CRM Biometrics GmbH a biostatistics business based in Germany through its subsidiary Venn Life Sciences Germany GmbH, as "a route to expand the group's biostatistics capabilities".
If the acquisition, valued at EUR200,000 proceeds, Venn will buy CRM Biometrics' biostatistics team of five people, and all its existing customers and contracts.
Venn Life shares were untraded at 7.01 pence on Wednesday.
