Epistem on acquisition trail after £2.9m placing

NORTH West biotechnology company Epistem has raised £2.9m through a placing of  720,000 shares at 400p.

The fundraising will strengthen the Manchester firm’s balance sheet, and give  it the firepower to make acquisitions.

The AIM-listed stem cell research company, said the placed shares represented 10% of its entire share capital.

Chief executive Matthew Walls,said: “As we did in 2007, we have taken the opportunity to go to the market to raise share capital at the prevailing market price.

“The money raised will be used to strengthen the balance sheet and will make it easier for the company to consider an acquisition should a suitable candidate be identified

“We are very pleased that we have been able to attract significant new institutional investment alongside our existing major institutional investors, greatly underpinning the strength of the company.”

Based on Grafton Street in Manchester city centre, Epistem’s technology enables drug development companies to test whether patients are responding to cancer drugs non-invasively by testing a hair sample or a skin cell.