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Diagnostics firm Premaitha raising £8 million

Molecular diagnostics company Premaitha Health is to raise £8 million through a share placing.

The Manchester-based company wants to raise the funds to back commercialisation of its pre-natal tests for Down’s syndrome, as well as to fund further research and development and to deal with ‘distracting litigation’.

Premaitha announced to investors that it will place 40 million shares at 20 pence per share, representing around 21 per cent of its existing ordinary share capital. A total of £800,000 is being committed to the placing by certain directors.

Dr Stephen Little, chief executive of Premaitha, said: “By raising money now, we are capitalising on our first mover advantage from having the first CE-marked NIPT [non-invasive prenatal testing] in vitro diagnostic product on the market.

“The proceeds of the placing will further strengthen our position, enabling us to develop our product and enhance our customer service offering.

Cairn Financial Advisers is acting as nominated adviser in respect of the placing, while Panmure Gordon is acting as broker.

This was posted in Bdaily's Members' News section by Simon Malia .