GENinCode PLC (AIM:GENI) is raising up to £4 million of fresh capital through a share placing and subscription.
Priced at 3.7p per share the placing is pitched a modest 5% discount to Thursday’s market close.
The genetics firm is developing products to help prevent heart disease and help detect ovarian cancer early, and, it expects the proceeds will help it advance through US regulatory processes, as well as support its expansion in the UK and Europe.
In Friday’s statement, GENinCode said: “The group will focus on completion of its US regulatory and reimbursement program whilst driving commercialisation in the US, expanding its activities in the UK and Europe.
“The objective of the fundraising will be to scale US revenues following receipt of FDA approval and increase traction with the NHS in the UK and expand its EU market.”
GENinCode shares started Friday’s session on the front foot rising just over 5% to trade at 4p.