News blog
Byotrol
- BY: Andrew Hore |
- POSTED: 11/08/2010 |
Anti-microbial technology developer Byotrol is raising £3.7m net at 15p a share.
There was net cash of £766,000 at the end of March 2010 but Byotrol would have been in a net debt position by next year if it had not raised more money. The new shares are equivalent to one-quarter of the enlarged share capital.
The cash call will be raised in two stages with the first stage eligible for VCT and EIS investment. The directors are buying 414,000 shares between them.
Recently appointed chief executive Dr Gary Millar, who is buying 67,000 shares in the placing, says he wants to emphasise the money saving benefits of Byotrol’s products rather than focus on the technology’s ability to kill the MRSA bug. He believes this will be a better selling point for hospitals and catering customers.
Products are already being sold through wholesalers and as jointly-branded products by Boots.
Revenues more than trebled to £3.15m in the year to March 2010. Further increases in product sales will grow revenues this year but Byotrol is likely to continue to be loss-making.
At 16.5p a share, down 3.5p on the day, Byotrol is valued at £13.9m before the placing.
© 2024 Aim Micro. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
- Browse by issue
- All issues
- Popular tags
- All tags
- AIM Micro feeds
Keep up to date with articles published at AIMMicro.com. Subscribe to AIM Micro RSS Feeds
|