Intelligent Ultrasound Group PLC (AIM:MED) has announced a placing and subscription to raise £5.2mln and also said it is on track to meet market forecasts for full-year revenue of £10mln.
The ultrasound artificial intelligence (AI) software and simulation company said it issuing 56,216,220 shares at 9.25 pence each, with the new shares representing 17.2% of the company’s enlarged share capital.
The £4.8mln net proceeds from the fundraising, which was arranged by Cenkos Securities, will be used to strengthen the balance sheet and fund the ongoing development of the existing products.
“With a strong simulation portfolio for 2023 and three clinical AI related products launched in the market and generating early revenues, the board is confident that this fundraising will drive growth in sales that will take the group to profitability, as well as achieving the group's aspirational vision of £25mln revenues by 2025, in what the directors believe is an exciting and dynamic market," commented CEO Stuart Gall.
Shares rose 2.38% to 9.47p in early trade.