Biome Technologies PLC - Southampton, England-based bioplastics and radio frequency technology - Raises GBP400,000 by issuing a third tranche of convertible loan notes. The first two tranches, issued in March and April last year, had raised GBP850,000. The unnamed investors in the first two tranches also invested in the third tranche, plus one new participant. The notes convert into ordinary shares at GBP1.00 per share. Looking ahead, Biome Technologies expects 2024 revenue to be "substantially increased" from 2023, driven by large projects in its RF Technologies division, making Biome "broadly breakeven" in cash terms in 2024.
Chief Financial Officer Rob Smith will leave in May to take a job in a non-competing industry, Biome says. It will hire an interim finance executive while it seeks a permanent CFO of the coming months.
Current stock price: 108.50 pence
12-month change: up 22%
By Tom Waite, Alliance News editor
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Biome Tech (BIOM)