Dental equipment developer 3D Diagnostic Imaging has raised a further £1.41m at 2p a share in order to roll out its CarieScan PRO dental decay detection device.
The majority of the shares were taken up by two existing shareholders, including Evolve Capital which will own more than 30% of the company. Shareholder approval is required. At 2p, a share, 3D Diagnostic is valued at £3.41m.
At the end of June 2011 there was £520,000 in the bank following a cash outflow from operations of £2.49m in the previous 12 months.
Revenues increased from £3,000 to £715,000 in the year to June 2011 with most of the revenue coming from North America. The loss jumped from £1.23m to £2.44m.
3D Diagnostic has appointed distributors in 11 territories and it has relaunched the product following a manufacturing defect.
3D Diagnostic is saving more than £750,000 a year by closing its US office, moving its registered office from the Isle of Man and deferring part of the directors’ pay.
Download the September 2011 edition of AIM Journal at http://www.hubinvest.com/AIMPDFSeptember2011_24.pdf
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