Liquid biopsy specialist ANGLE PLC (AIM:AGL, OTCQX:ANPCY) has unveiled plans to raise up to £10.56 million to fund the next generation of products and support the commercial roll-out of its technology.
A total of £8.5 million will come through a placing and direct subscription of newly minted shares which will be sold for 15 pence each. In addition, management is seeking up to a further £2.06 million via an open offer of stock.
In all, £2.8 million of the proceeds will be allocated to staff and next-generation sequencing resources for developing molecular assay content for the company's Parsortix system.
Another £2.2 million will be used for commercial business development, including salesforce and distributor expansion, product launches, and marketing efforts.
Additionally, £1.5 million will go towards enhancing clinical laboratory capabilities and capacity, which includes molecular capital expenditure, protocol validation, and staffing.
The remaining £2 million will be used to strengthen the company's balance sheet, improve its working capital position, and cover the expenses associated with the fundraising. Proceeds from the open offer will further reinforce the balance sheet.
In a separate announcement, the med-tech group said it exited 2023 with £16.2 million on the back with £1.5 million in R&D tax credits owed at this point.
The prelims also revealed the group more than doubled its revenues to £2.2 million, though, as expected, it was loss-making to the tune of just over £20 million.
Looking ahead, ANGLE told investors: "The company has a strong current pipeline of opportunities that has more than doubled year to date, with significant potential growth opportunities across a variety of end customers, including large pharma.
"As such, the management remains confident in delivering strong growth in 2024 in line with current market expectations."