MedaPhor losses widen; raise £3.2m in placing

(ShareCast News) - Medical equipment maker MedaPhor said full-year pretax losses increased to £1.7m from £1.5m as it announced it had raised £3.2m in a cash call.Revenues were up 22% to £2.2m with the UK leading the way despite "weak NHS funding", the company said, adding that sales were boosted by a number of large multi-system sales orders from educational institutions. US sales rose 13%, thanks to a new partnership agreement with the American Board of Obstetrics and Gynecology (ABOG).MedaPhor makes advanced ultrasound education simulators for medical professionals."Current trading is in line with management's expectation and we have a healthy pipeline order book which, combined with the recent ABOG contract win and the funding outlined above, gives the group a solid platform to support future growth," the company said.On 31 March 2016 MedaPhor said it planned to place 7.1m new shares at a price of 45p each. It said it had received binding commitments from investors.