York-based life sciences business OptiBiotix Health has raised £500,000 to help drive sales and support US growth.
The listed business has issued about 3.13 million new ordinary shares at a price of 16 pence per share, through a subscription handled by Peterhouse Capital.
The net proceeds of the subscription will be used to invest in the company’s direct-to-consumer product model, in particular to drive sales growth across the business and build partnerships in the US, as well as for general working capital purposes.
Stephen O’Hara, chief executive at OptiBiotix, said: “I am pleased with the interest shown from new and existing shareholders in this fundraise which will support further company growth. The funds will support an acceleration of our direct to consumer business, help expand our US partner network, and launch our second generation products into the market.
“These steps will help create shareholder value and support OptiBiotix’s position as a leader in the microbiome field.”
OptiBiotix Health is advised by Cairn Financial Advisers (nominated adviser), Cenkos Securities (joint broker) and Peterhouse Capital (joint broker).