£10m fundraise for listed life sciences company

Life sciences business, DeepVerge, formerly called Integumen, has conditionally raised £10m before expenses.

This is via a placing of 31,500,003 new ordinary shares and subscription for 1,833,331 new ordinary shares all at a price of 30 pence per new ordinary share representing a 11.8% discount on the closing price on 4 June 2021.

This comprises a firm placing of 21,086,888 new ordinary shares to raise £6.32m (before expenses); together with a conditional placing of 10,413,115 new ordinary shares, to raise £3.13m (before expenses) and a conditional subscription for 1,833,331 new ordinary shares, to raise £0.55m which are subject to shareholders’ approval.

DeepVerge collaborates with partners in the fields of artificial intelligence, clinical research, water technologies, medical device and life science.

The business – which has bases in York, Ireland and the USA – says it intends to use the net proceeds of the £10m for:

  • Acceleration of Labskin Services
  • Expand Skin Trust Club
  • Expansion of Modern Water Sales
  • Working Capital

Gerry Brandon, DeepVerge CEO, said: “DeepVerge has seen a dramatic change over the last year with the acquisition of Modern Water and hitting our maiden EBITDA positive quarter in quarter four 2020.

“Along with organic expansion, 2021 has already brought new and exciting service offerings such as our recently launched Skin Trust Club and initial installations of our real-time wastewater COVID detection products.

“With such progress, this fundraising enables the company, on three continents, to scale, to meet increased demand, while expanding revenues faster across the Group.

“DeepVerge and its shareholders are well placed to reap the benefits from a much stronger balance sheet, built from the integration of tried and tested scientific innovation, 30 years of proprietary data, contributing to solving the current global health crisis and acting as society’s pandemic sentinel for the future.

“The £10m raised today allows us to maintain this momentum.

“I would like to thank both existing investors for their support and the high net-worth professional, family office and institutional clients of Turner Pope Investments, including Gresham House, who subscribed for a material proportion of the raise.”

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