York life sciences business, OptiBiotix Health, has raised 1.5 million in an oversubscribed share placing. The amount of money is going to be employed to capitalise on commercial opportunities for three key products.
The company, which develops advances which use a persons microbiome to tackle obesity, high-cholesterol and diabetes, is issuing the newest stock at 62p.
One in the opportunities exposed to the company could be to develop cholesterol buster LPLDL, as a pharmaceutical and even food additive.
The company said the funds injection can also be familiar with “fully exploit” opportunities for sweetener SweetBiotix in order to promote SlimBiome, its weight loss product.
Chief Exec Stephen O’Hara said: “The company received an advanced level of partner affinity for its technology and merchandise across new application areas and territories that contain the possibility of significant value uplift.
“It has become clear that new opportunities, especially the growth of LPLDL into a pharmaceutical product, our prime amount of corporate need for SweetBiotix across multiple applications, additionally, the prospects for listing various well being products with major retailers will not be achievable temporarily within current resources.
“Rather then delay these opportunities until OptiBiotix has sufficient revenues to protect costs, the Board has decided to take additional funds to capitalise on these growth opportunities and build shareholder value.
“As the subscription was oversubscribed the corporation has limited the funds received to make certain a focus on value creation and features added new institutional investors on the share register.”