ANGLE PLC (AIM:AGL, OTCQX:ANPCY) will receive £500,000 from an open offer of stock, which means it brought in a total of £9.3 million from its fundraising efforts, which also included a placing and open offer of new stock.
A total of £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 remainder, including the proceeds of the open offer, 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.