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02 October 2018

Premaitha Health brings in £3m

Portfolio News from The North West Fund for Venture Capital.

Manchester-headquartered molecular diagnostics group Premaitha Health has raised £3m.

The funds were secured through 22,000,000 new ordinary shares pursuant to the placing and 8,000,000 new ordinary shares pursuant to a subscription.

Premaitha's directors believed it to be "prudent for the company to seek further capital at this time". The net proceeds will be used to finance a settlement with Illumina, as well as general working capital requirements.

The move comes on the back of Premaitha making good progress in the first half of 2018, with trading remaining robust and in line with management expectations.

 

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