Itaconix PLC on Wednesday said it has raised £10.5 million through a share placing, subscription and open offer.
At the start of February, the New Hampshire, US-based speciality polymer developer said it had raised £10.3 million through its placing and subscription.
Itaconix had said that there would be a placing of 133.1 million new shares, and a subscription of 954,772 new shares at an issue price of 5.1 pence per new share.
The company’s shares were up 0.4% trading at 5.07p per share on Wednesday afternoon in London.
At the time it said it planned to raise an additional £400,000 by issuing 7.8 million new shares in an open offer to qualifying shareholders, at the same issue price of 5.1p per share.
Itaconis said it has received acceptances for 4.5 million open offer shares or just over half.
Following admission of the new shares, the total number of shares in issue will be 674.3 million
Itaconix said the funds raised will be used to support continued revenue growth and process improvements, and to accelerate its development of new products and applications.
Chief Executive John Shaw said: ‘We are now entering a new stage of development as we aim to become a much larger sustainable ingredient company. Our strong balance sheet now gives us the opportunity to target higher revenue growth from our current ingredients. There are a number of exciting opportunities for us to develop new ingredients and increase revenues from our substantial itaconate technology platform.’
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