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Mediwatch: Placing Raises 347,000
11/9/2009 2:44:58 PM
Mediwatch plc (AIM: MDW, “Mediwatch” or the “Company”), the innovative urological diagnostic company, has raised 347,440 (approximately 332,000 net of expenses) by way of a cash placing of 6,042,430 new ordinary shares ("Placing Shares") at 5.75 pence per share (together the "Placing").
Use of funds
Proceeds from the Placing will be used to fund working capital and to finance four feasibility studies for new opportunities which Mediwatch has identified to support its international growth plans. These are:
1. To work with an international corporation on a joint venture, sharing technology and pursuing a common marketing campaign.
2. A project with a different international medical company, assessing the potential of using its technology with Mediwatch’s bioassays.
3. A marketing opportunity with a biomedical company to promote its point-of-care system alongside the Mediwatch PSA system for assessment of urological problems.
4. Licensing a bladder cancer marker from a different bioscience company and to conduct a research project using that marker with the Mediwatch BioScan reader system.
The Placing Shares have been subscribed for by certain institutional shareholders of the Company and by all Directors of the Company. The Directors have subscribed for a total of 501,000 Placing Shares.
The Placing Shares will represent 4.32 per cent of the issued ordinary share capital of the Company as enlarged by the Placing and the total number of voting shares in issue immediately following admission to trading on AIM will be 139,713,502.
Application will be made to the London Stock Exchange plc for the Placing Shares to be admitted to trading on AIM and it is expected that admission will take place on 13 November 2009. The Placing Shares will rank pari passu in all respects with the Company's existing ordinary shares of 1p each.
Philip Stimpson, Mediwatch Chief Executive said:
“We have identified four opportunities, each of which - if successful - will enable us to extend our range of offerings in the international urology market in different ways. While we are unable to provide details at this stage, each is exciting in its own right and will help us to achieve our aim of providing a “one-stop” system of urological diagnostic equipment for the international healthcare market.”