Concepta has conditionally raised £2,000,000, gross, and received formal confirmation of a £600,000 sales order.
Concepta said the oversubscribed fundraising comprised a conditional placing 23,359,999 new ordinary shares and subscription of 5,211,429 new ordinary shares at £0.07 apiece.
It said the placing and subscription shares represented 20.6% of the enlarged issued share capital.
It said the primary use of the net proceeds would be to expedite the geographical expansion of its myLotus fertility product in China where the company currently had three distribution agreements in place targeting an estimated market of 2.3 million women per year across Hebei, Shanghai, Beijing and Liaoning.
The company said it planned to further expand this and had identified a total of 25,000 target hospitals with approximately 20 distributors.
It said the funds would also be used to advance the company's launch of myLotus in the European marketplace where it has commenced its application for CE Marking with approval expected by H1 2018.
Concepta also announced that it had received formal confirmation of a £600,000 sales order (RMB5,058,196).
The order for 5,200 of Concepta's myLotus meters was previously announced on 6 Nov and has been placed by ShanDong WeiHai HaiChen Pharmaceutical Co. Ltd in China.
Revenues from this order will be realised in Q4 2017.
The order has been received from ShanDong WeiHai HaiChen Pharmaceutical Co. Ltd based in WeiHai City, ShanDong Province and covers the territories Beijing, Shanghai, ShanDong Province and Henan Province.