Byotrol shares issue to raise £1.4m

CHESHIRE-based anti-microbial company Byotrol has placed 43,016,796 ordinary shares at 3.25p each to raise £1.4m.

The proceeds are to be used for investment in sales and marketing.

Chief executive  David Traynor said: “We are  delighted to have received such strong support from both existing and new shareholders for this fundraising, which was priced at a premium to our last financing in 2014.
 
“We will continue to run the company on a conservative basis, with a disciplined approach to costs, but we will now be able to invest more in exploiting our technologies and our recently-developed customer relationships.”

The company has signed an agreement to develop and commercialise long-lasting biocidal products with the listed international chemical group Solvay SA.

Byotrol will initially pool technical, commercial and sales resource with Solvay Novecare, a Solvay subsidiary and a world leader in specialty polymers and surfactants with an annual turnover in excess of €2bn.