RUA Life Sciences PLC on Friday announced the results of the equity raise it announced after the London market close on Thursday, taking in £4.0 million.

The Glasgow-based medical technology holding company said it raised £4.0 million the placing of 36.4 million new shares at 11 pence per share, which was a 46% discount to Thursdays closing price of 20.33p. RUA Life Sciences raised £80,000 from directors intending to subscribe for another 727,272 shares. The total fundraise was in line with the goal set out on Thursday.

RUA Life Sciences also plans a retail offer of up to 6.8 million shares at the same price to raise a further £750,000.

The stock was down 43% to 11.80 pence each on Friday morning in London.

Chair Bill Brown said: ‘Following our change of strategy, the funds will be targeted at accelerating growth within contract manufacturing; strengthening the company’s balance sheet to aid the commercialisation phase of its research & development projects within the company’s vascular graft.’

Copyright 2023 Alliance News Ltd. All Rights Reserved.