Tepnel Life Sciences PLC has announced that it has raised £1.2m (before expenses) by placing 17,034,160 new ordinary shares of 1p each ("Placing Shares") at 7p per share with institutional shareholders ("the Placing").
These funds will be used in part for the completion of the Company’s new 18,000ft2 facility in Livingston, Scotland and will also provide additional working capital as required by an increase in sales.
This facility will allow for the consolidation of operations in Edinburgh and Glasgow and will incorporate pharmaceutical services including high throughput genotyping and protein analysis.
4,258,540 warrants to subscribe for 4,258,540 new ordinary shares of 1p each are being made available under the Placing on the basis of one warrant for every four Placing Shares subscribed for under the Placing ("Warrants").
The Warrants are exercisable at any time up to the fifth anniversary of admission on the Placing Shares to trading on AIM at a price of 8.05p per Warrant. The Warrants will not be listed on AIM or any other stock exchange.
Ben Matzilevich, CEO commented, "We are executing against our strategic plan. We continue to improve our results while increasing our market share with major UK pharmaceutical companies."
"This facility in Scotland is an essential component of the long term strategy and should also allow us to offer gene analysis, sequencing and proteomics."
Application has been made for the admission of the Placing Shares to trading on the AIM market of the London Stock Exchange on 6 June 2006. The Placing Shares will rank pari passu with the existing ordinary shares of the Company.