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TyraTech (LON:TYR) has raised £3.5mln to fund the UK roll-out of its Vamousse head lice treatment range in Superdrug and Boots stores.
Bruno Jactel, Tyratech’s chief executive, said Vamousse’s UK launch was both ahead of the peak head lice season and schedule due to the success and interest generated in the US.
"To have obtained listings and partner relationships with both Boots and Superdrug further validates the potential of the Vamousse range of products," he said.
The brand is already on sale in the US through 4,000 Walmart stores and online through Amazon and Drugstore.
“The launch of the Vamousse product range in the UK is a further significant strategic step in the commercialisation of our strong intellectual property,” Jactel added.
The board believes that this could be the first step of a broader European expansion for Vamousse and other TyraTech products in the future ."
The natural insecticide specialist said the £3.5mln in new funds was raised through an oversubscribed placing at 7p per share.
From the net proceeds, some £1.5 mln will provide marketing and inventory support for the Boots and Superdrug launch; £1.2mln will help with efforts to get Vamousse into other retailers and other countries while £0.6mln will provide additional working capital .
In May, Jactel told Proactive Investors that the preventative market was also an important market for the range.
“Head lice treatment products are usually an emergency buy, as people want to treat immediately, but the online distribution is always convenient and is a great way to go for the preventative shampoo.”
Shares shot up 13% today to 8.74p.