(MENAFN- ProactiveInvestors - UK) Stem cell specialist Epistem Holdings Plc (LON:EHP) is to raise around 6.5mln through a placing of shares at 80p a pop.
The issue price represents a discount of 11.1% to the closing mid-market price of Epistem shares on Tuesday, the company noted.
The epithelial stem cell biology firm''s cornerstone investor, Calculus Capital, has subscribed for 3.13mln shares, as a result of which it will hold 16.7% of the share capital as enlarged by the share issue.
In addition, the company announced it is proposing to change its name to Genedrive PLC to better reflect the focus of its activities, with the ticker symbol changing to GDR following the name change.
"We are very pleased to announce this fundraising which saw demand from new and existing investors,'' said David Budd, chief executive officer of Epistem.
''We are excited in the future of Genedrive in bringing the power of hospital-based, central laboratory diagnostics closer to the point of need and the patient setting. These new funds put us in a strong position to deliver on Genedrive''s potential and expand its testing capabilities," he added.
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