Life sciences firm OptiBiotix Health (LON:OPTI) has raised £1.5mln in a placing to develop its growing business further.
It issue 2mln shares at 75p each - a slight discount to Friday's closing price of 78.5p
OptiBiotix is focused on developing compounds which modify the human microbiome and can be used as food ingredients and supplements to prevent conditions like obesity and diabetes.
It has already struck four commercial deals, six new patents and completed human studies on its cholesterol reducing product.
Chief executive Stephen O'Hara said: 'Whilst the company has sufficient funds to commercialise existing platforms the high level of investor and partner interest has created an opportunity to raise additional funds to consolidate our leading position in the microbiome space.
"These new funds will allow the company to increase its in house development capability, accelerate the commercialisation of existing products, extend our technology platforms into new application areas, and expand our product pipeline. These new developments represent high growth opportunities in large global markets equal to or greater than existing plans consistent with our strategy of targeting large global markets with an unmet need.'
Directors, including O'Hara participated in the fundraise. He bought over 53,000 shares and now holds 13.3% of the group's capital.