LONDON (Alliance News) - Neuroscience-focused technology company IXICO PLC said on Thursday it is to place new shares in a bid to raise GBP5.5 million.
The company will issue 19.6 million new shares at a price of 28.00 pence per share. IXICO shares were down 4.5% at 32.00p on Thursday.
IXICO said it will use the sum raised, together with the existing cash, to build scale and market presence by expanding its services and range of products.
"The oversubscribed placing has raised USD5.5 million and broadened our shareholder base. Over the past 12 months, we have completed a strategic and operational review and announced contracts with existing and new global pharmaceutical customers, demonstrating commercial momentum," Giulio Cerroni, chief executive officer, said.
"This funding provides the platform to accelerate our commercial strategy to drive revenue growth over the medium-term and our strong financial performance indicates that we are making good progress on our path to profitability," he added.
The company is scheduled to announce its interim results for the six months ending March 31 on May 23.
Ixico (IXI)