Osmetech Raises $8.6M Through Private Placement

Jul 03, 2009

NEW YORK (GenomeWeb News) – British molecular diagnostics firm Osmetech has raised £5.2 million ($8.6 million) through a private placement of around 262 million new ordinary shares at a price of 2p each.

The new shares represent nearly 30 percent of the firm's now existing issued share capital. The placement was made last week.

Among the investors in the placement are the Efficacy Biotech Master Fund Ltd. and its affiliates, Gartmore and Schroder, the firm's principal shareholders, and certain new investors in the US.

Osmetech intends to use proceeds from the placement to fund continued development and regulatory clearance for further tests for its eSensor XT-8 System, and to fund sales and marketing efforts for the system and new tests.

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