LONDON (Alliance News) - ViaLogy PLC said Tuesday it has raised gross proceeds of GBP0.7 million through an over-subscribed open offer.
The over-subscribed open offer resulted in valid acceptances, including excess applications, being received in respect of 11,256,554 open offer shares, representing a total of approximately 167%. As intended, the open offer rose GBP0.7 million.
The funds raised throughout the open offer add to the placing announced June 13 which raised GBP6.5 million.
"The net proceeds from the Placing and Open Offer will be used primarily to develop and commercialise the IONA Test," said Executive Chairman Adam Reynolds.
Shares in ViaLogy were trading 8.11% higher at 0.2 pence per share Tuesday morning.
By Alice Attwood; aliceattwood@alliancenews.com; @AliceAtAlliance
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