OptiBiotix Health PLC (AIM:OPTI) said it has raised £500,000 through the issue of 3,125,000 new shares at a price of 16p each and also announced the appointment of Peterhouse Capital Ltd as its joint broker with immediate effect.
The life sciences company, which develops compounds to tackle obesity, cardiovascular disease, diabetes and skincare, said the net proceeds of the subscription will be invested in its direct-to-consumer product model, in particular to drive sales growth and build partnerships in the US, and for general working capital purposes.
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"I am pleased with the interest shown from new and existing shareholders in this fundraise which will support further company growth,” commented Stephen O'Hara, CEO of OptiBiotix in a statement.
“The funds will support an acceleration of our direct-to-consumer business, help expand our US partner network, and launch our second-generation products into the market. These steps will help create shareholder value and support OptiBiotix's position as a leader in the microbiome field,” he added.
The equity subscription was handled by Peterhouse Capital.