IXICO PLC (LSE:IXI, OTC:PHYOF, FRA:PYPB), the neuroscience imaging and analytics company, is raising up to £10.5 million through a combination of placings, a director subscription and a retail offer, as it seeks to accelerate development of its artificial intelligence-driven IXI platform and pursue US regulatory approval.
The investment round comprises an initial placing of £2.8 million and a £0.1 million subscription by certain directors, both priced at 8p per share, representing a 1.6% premium to the closing price of 7.875p on Monday (30 March).
A second placing, conditional on changes to the Enterprise Investment Scheme and venture capital trust tax legislation passing into law, would raise a further £7.1 million at the same price, with admission expected on 20 April 2026.
Existing shareholders unable to participate in the placings will have the opportunity to subscribe through a retail offer, which could raise up to an additional £0.5 million and is expected to close on 7 April 2026.
IXICO said it intends to use the net proceeds to develop and automate the IXI platform, hire staff to sell the technology to partners, and advance the product towards approval as a software medical device by the US Food and Drug Administration.
Chief executive Bram Goorden said the company would "further broaden our addressable market through a TechBio model", enabling third parties to license and integrate its technology to create a more scalable business.
IXICO's IXI platform uses artificial intelligence to analyse brain imaging data and biomarkers to support drug development in neurological diseases, with clients including pharmaceutical and biotechnology companies running clinical trials.