Proteome Sciences this week said it has raised roughly £1.57 million ($2.44 million) in an issue of shares to an unnamed institutional investor.

The company said it received a direct approach from the investor to subscribe for 3.75 million new ordinary shares at a price of 41.5 pence per share. The funds will be used as additional working capital to develop the business, it said.

The company has applied to the London Stock Exchange for the admission of the new shares and said that it expects that the admission will occur on August 12.

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