Physiomics PLC (AIM:PYC) crashed more than 40% as it underlined how tough it is to raise money for small caps by offering new shares at a 50% discount to last night’s close.
The drug modeller raised just £381,000 at 0.6p while a separate retail offer through Winterflood’s WRAP platform might bring in up to a further £25,000.
Part of the money raised will be used to recruit a Mathematical Modelling Service Line head to accelerate pipeline conversion and build a biostatistics capability.
Physiomics also highlighted that last year saw its highest-ever total value of new contracts won while this year has the highest level of revenue already contracted.
Shares fell 0.53p to 0.68p.