Plant Health Care PLC (LON:PHC) is raising up to £5mln ahead of a first licence auction of its product that boosts a plant’s resistance to diseases.
The first licence for the PREtec Technology is anticipated to be for Innatus 3G, a technology platform designed to trigger Hypersensitivity Responses (HR+) in treated plants, and will be used in the treatment of South American soya in the third quarter of this year.
Auctions for other diseases are expected to follow.
PHC is to raise £4.5mln at 20p per share from the placing and £0.5mln from the direct subscription.
READ: Plant Health Care shares surge as it reports double digit revenue growth
In January, the company said it had cash and equivalents of US$3.5mln.
Plant Health Care shares rose 4.76% in Tuesday lunchtime trading to 22p.