Medical test developer raises an additional £1m
Abingdon Health, the developer and manufacturer of rapid medical tests has raised an additional £1m through a substantially oversubscribed Open Offer process.
The announcement takes the total the the York and Doncaster-based company has raised through both the share subscription and Primary Bid Offer to c.£6.5m.
Dr. Chris Hand, chairman of Abingdon Health plc, said: “We set out to raise up to £6.5 million through a placing and subscription of new shares with institutional and other investors as well as the PrimaryBid offer and Open Offer.
“Now that our substantially oversubscribed Open Offer has closed, we are delighted to confirm that we have raised the full amount. The proceeds of the fundraising will not only provide the additional working capital funding required ahead of order inflow but also enable us to invest in the growth opportunities outlined when we launched the fundraising. Once again, I would like to welcome new investors to the company and thank existing shareholders for their support.”
Earlier this month, Abingdon Health which only went public just over 12 months ago, announced it was looking to raise at least £4m which would be used to cover a working capital shortfall expected to arise in the first quarter of 2022.
It also confirmed it planned to invest a further £3m in product research and development initiatives to capitalise on growth opportunities in the area of infectious disease. These areas include Flu testing, Hepatitis C and Lyme disease.
