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Premaitha Raises £3M in Accelerated Stock Offering

NEW YORK (GenomeWeb) – Premaitha Health said today that it has raised £3 million ($3.9 million) in gross proceeds from a previously announced stock offering.

The UK-based noninvasive prenatal testing company said that the proceeds from this accelerated bookbuild offering come from two tranches — 22 million new ordinary shares offered as part of a placement and 8 million new ordinary shares as part of a subscription, all sold at 10 pence per share.

The placing and subscription shares are expected to start trading on the AIM market of the London Stock Exchange this month, with the first tranche of shares becoming effective around Oct, 4 and the second tranche of shares around Oct. 25.

"We are pleased with the support of both existing and new investors," Premaitha Non-Executive Chairman Adam Reynolds said in a statement. "The fundraising will enable us to move on from the litigation [with Illumina] and to execute on our strategy of becoming a truly global player, capturing a growing share of a multi-billion dollar market for noninvasive prenatal testing."