NEW YORK, June 2 (GenomeWeb News) - Tepnel Life Sciences has raised £1.2 million ($2.3 million) in a stock offering, the UK-based company said today.
The funds will be used as "working capital" and also to complete the company's new 18,000-square-foot facility in Livingston, Scotland. The new facility will consolidate operations in Edinburgh and Glasgow and incorporate pharmaceutical services including high throughput genotyping and protein analysis.
The company placed 17,034,160 new ordinary shares priced at 7p apiece with institutional shareholders. In addition, the company has given its investors warrantes to buy as many as 4.3 million additional shares. Tepnel expects stands to gain approximately £340,000 if all the shares are purchased in the warrant.
Tepnel applied to have the shares available for trading on the London Stock Exchange's AIM market on June 6.