Venture Life Group has raised £5.4 million upon admission to the Alternative Investment Market (AIM).
As an international consumer healthcare company, Venture Life produces products including food supplements to lower cholesterol, cosmetics for ageing skin and medical devices for conditions such as aches and pains.
According to CEO Jerry Randall, Venture Life’s listing on AIM recognises its ‘expertise’ in development and commercialising products for the ageing population.
‘The funds raised from the placing will allow us to expand the business significantly. In particular, we will be investing in commercial resource and product development in order to capitalise on the many opportunities we have at this time,’ he adds.
‘Venture Life is an ambitious and fast-growing company, with a clear strategy for growth, and the fundraising and admission to AIM are important milestones.’
To coincide with its stock market listing, Venture Group is also acquiring Italian business Biokosmes, which develops and manufactures topical products such as cosmetics and dermocosmetics.
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- Discount retailer Poundland to list on stock market
- AIM admission for CityFibre as company raises £16.5 million
According to a statement, the placing proceeds amounting to £5.4 million are to be used to pay the initial consideration for Biokosmes as well as building out its commercial team. Venture Life will also be investing in new product development and collaboration projects in China and the Far East.
Lynn Drummond, chair of Venture Life, comments, ‘The [company’s] products are already sold or partnered in over 40 countries. The fundraising will enable Venture Life to continue to develop innovative products with proven clinical efficacy for distribution through pharmacy channels on a global basis.’