Business
Fundraising to raise ?4 million
Fundraising to raise ?4 million.
About this update from Cambridge Nutritional Sciences Plc
[{"type":"text","content":"\n \nRNS Number : 4925F Omega Diagnostics Group PLC 24 May 2013 \n \n\nOmega Diagnostics Group plc\n(\"Omega\" or the \"Company\")\n \nFundraising to raise £4 million\n \nOmega (AIM: ODX), the medical diagnostics company focused on allergy, food intolerance and infectious disease, announces that it has conditionally raised £4 million before expenses, by the placing (the \"Placing\") for cash of 23,500,000 new ordinary shares of £0.04 each (\"Ordinary Shares\") (the \"Placing Shares\") and subscription (the \"Subscription\" and, together with the Placing, the \"Fundraising\") of 29,412 new Ordinary Shares (the \"Subscription Shares\" and, together with the Placing Shares, the \"New Ordinary Shares\") at 17 pence per New Ordinary Share (the \"Issue Price\").\n \nHighlights\n· Oversubscribed Fundraising to raise £4 million in cash, by finnCap, as agent for the Company\n· Continued development of allergy implementation strategy\n· Scale-up in production and roll-out of Visitect CD4 test and feasibility development of a smartphone reader\n· Circular sent to shareholders convening a General Meeting for Monday, 10 June 2013\n \nUse of Proceeds\nAs part of the Company's expansion plans, it intends to use the net proceeds of the Fundraising to continue the implementation of its allergy instrumentation strategy and to fund a final instalment due under the Patent Licence Agreement with IDS. A large proportion of the net proceeds will also be used to fund the initial Visitect CD4 inventory build requirement and to roll out the test into field trials. The remainder of the net proceeds of the Fundraising will be used by the Company to explore opportunities that may exist in the HIV viral load area, settle outstanding loans when falling due and for general overheads and working capital.\n \nFurther details are provided in the Circular to shareholders, extracts of which are provided below, and is available on the Company website: www.omegadiagnostics.com\n \nAndrew Shepherd, CEO of Omega, said:\n \n\"We are delighted to have received the support of investors for the next phase in Omega's development through this oversubscribed fundraising. We believe that CD4 represents a unique product that satisfies an...