Technology investment company ANGLE has raised £1.2m through a fundraising on the same that it revealed it had swung to a loss in the first half ended October 31st.
The firm said on Thursday that investors will acquire up to 1,715,717 new ordinary shares in the company at a price of 70p per share (a discount of 13.6% on the mid-price of 81p per share at close of business yesterday), to provide funds for the revitalised Novocellus agreement, as well as ensuring that it has enough funding to complete development of the Parsortix cancer diagnostic product for the research market.
In the first six months of the year meanwhile, ANGLE recorded a loss before tax of £1.8m, down from a profit of £0.1m the year before. This was due to the planned increase in ventures and investment costs - primarily in relation to Parsortix - from £0.3m to £0.5m, and a £1.3m impairment of the holding value for the Acolyte Biomedia earn-out, which compared to a fair value gain on investments of £0.2m the year before.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
The firm also announced on Thursday that trials for the firm's Novocellus IVF product, known as EmbryoSure, will begin shortly, with the launch of the product targeted for mid-2014. The company has increased its holding in Novocellus to 92%.
Revenues during the period fell to £0.7m, compared to £1.36m during the same period the previous year.
In a statement the firm said it is entering an important period for value enhancement: "Each of its three major investments has the potential to deliver strong shareholder returns. Funding has been secured to cover the next stage of development, which, if successful, should lead to an overall reduction in project risk and a substantial increase in shareholder value."
The share price fell 4.32% to 77.5p by 13:13.
NR
-
Buying a property is cheaper than renting again – how much could you save?News Zoopla research shows it is now 8% cheaper to buy than rent. We reveal the places where you can save more by getting on the property ladder.
-
Is now a good time to invest in India?Should you invest in India? Its market has stood out of the emerging market pack, helped by a growing pool of domestic investors.
