Futura Medical PLC (LON:FUM) raised more than £10mln through its oversubscribed placing of shares at 40p a pop.
The company also raised £2mln through an offer at the same price to retail investors on the PrimaryBid platform.
The share issue was raised at the close of stock market trading last Friday.
The pharmaceutical company said the money raised will be used to fund a small confirmatory clinical study (FM71) required for regulatory submission to the US Food and Drug Administration (FDA) for MED3000, Futura’s topical gel formulation to treat erectile dysfunction, as a DeNovo Medical Device.
The money will also enable the company to accelerate “scale-up and manufacturing activities”, enabling lower costs for marketing launches in the European Union and other regions, and will provide cash to spend on central activities relating to commercial out-licensing partner support.
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"We are pleased to welcome a number of new institutional shareholders onto the register,” said James Barder, the chief executive of Futura.
“This financing will enable the company to proceed with its plans to achieve MED3000 approval in the US and launch the product in the coming months and years with commercial partners across the EU and multiple other regions, including many parts of Asia, where the CE Mark is recognised. With additional scale-up and manufacturing activities that aim to maximise profitability, as well as out-licensing partner support, we are excited to be creating momentum around commercialisation of MED3000 and our objective to deliver a long term and sustainable revenue stream for shareholders," he added.
Shares in Futura closed at 44p on Friday.