Funding
Stem cell specialist Epistem plc has raised £2.9 million in a placing of 720,000 shares.
The shares, which represent just under 10 per cent of the Manchester-based company’s issued share capital, were placed at the market price of £4 per share.
Matthew Walls, CEO of Epistem, 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.”
Walls added, “We are very pleased that we have been able to attract significant new institutional investment alongside our existing major institutional investors.”
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