DeepVerge PLC said its proposed financing will also be accompanied by a wholesale change of its senior executives.
In a statement, the bacteria and toxins diagnostics group said the growth in sales from £0.3mln in 2018 to a forecast £18mln this year had stretched management and as a result a new chief executive, chief financial officer and non-exec will be taken on.
Current CEO Gerard Brandon is stepping down and will become an executive director of its Modern Water arm with Nigel Burton becoming interim CEO while a permanent replacement is found.
Fin Murray will remain a board member and take over responsibility for Labskin and Skin Trust Club.
CFO Camillus Glover will step down from the board but remain with the company until a new finance director is appointed.
Other non-execs will also be appointed in due course said the statement.
DeepVerge said the management changes will take place once the financing is complete.
Turner Pope is handling the fundraising with the process is continuing to progress, said DeepVerge, though there was no certainty sufficient equity funds would be raised.
Earlier this month DeepVerge said it was seeking to arrange new equity funding and retire an existing mezzanine loan facility with financier Riverfort.