Concepta PLC (LON:CPT) has raised £2mln in an oversubscribed share placing to fund the expansion of its myLotus product in the Chinese market.
The AIM-listed fertility products manufacturer said it had raised the funds through the placing of 50mln new ordinary shares at a placing price of 4p each, an almost 14% discount to its last close price of 4.65p.
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Concepta said the proceeds would be used to accelerate the expansion of the myLotus product in China by targeting an estimated market of 2.3mln women per year across the areas of Hebei, Shanghai, Beijing, Shangdong, Henan and Liaoning through initial distributor agreements.
The group added that the funds would also be used to help advance its launch of myLotus in the European market, initially through online channels to consumers in the UK and Germany.
Matthew Walls, chairman of Concepta, said that despite a delay in engaging the myLotus product in the Chinese market, “the prospective milestones of regulatory approval, completed clinical studies and growing sales are significant and will anchor the group for accelerated future growth”.