Development capital has been sourced by EpiStem through a placing of 793,398 new ordinary shares of 1.5 pence each on the Alternative Investment Market (AIM).
A combination of existing and new institutional investors has been secured by EpiStem, as it approaches the commercial launch of Genedrive – its new molecular diagnostic device.
EpiStem is a biotechnology company commercialising adult stem cells in the areas of oncology and gastrointestinal diseases.
The placing will fund an increase in resource and personnel dedicated to Genedrive, as well as capital expenditure to improve production capabilities.
Furthermore, the funding will provide the company with a ‘strengthened balance sheet’ and enhance its ability to pursue a range of strategic options in the future, according to a statement.
Matthew Walls, CEO of EpiStem, comments, ‘We are about to enter a new and exciting phase of growth for Epistem with the launch of Genedrive, our first healthcare/diagnostic product.
‘We believe Genedrive can change the way diagnostics is delivered in ‘near patient’ settings by providing the ‘gold standard’ of DNA based test results at significantly reduced cost in a simple to use device form.’
The AIM fundraising is the fist for EpiStem since November 2011 when it raised £2.8 million. Epistem has been listed on the Junior Market since April 2007 when it collected £2.6 million on admission.
