Premaitha Health raises £3m through new shares

Premaitha Health, the Manchester biotech company, has raised £3m through a placing of new shares.

The firm, which provides non-invasive prenatal testing, announced late on Friday afternoon last week that it had launched a £2.5m share placing.

It came with a half year trading update and the release of its annual figures.

The company said on Friday that the net proceeds of the fund raising will be used to finance a legal settlement with US-based rival Illumina, and for general working capital requirements.

Premaitha revealed last week that it had finally come to an agreement with Illumina on a costly three-year legal battle over the patent of Premaitha’s IONA prenatal test for Downs syndrome and other genetic disorders.

In an update this afternoon, the company said application has been made for the Placing Shares and the Subscription Shares to be admitted to trading on AIM.

A first tranche is expected to become effective on, or around, October 4, while a second tranche is expected to become effective on, or around October 25.

Adam Reynolds, Premaitha non-executive chairman, said: “We are pleased with the support of both existing and new investors.

“The fundraising will enable us to move on from the litigation and to execute on our strategy of becoming a truly global player, capturing a growing share of a multi-billion dollar market for non-invasive prenatal testing.”

The Manchester office of Addleshaw Goddard advised Premaitha on its share placings.

The AG team was led by partner Roger Hart and associate Lucie Alker.