Provalis plc ("Provalis" or "the Company") (LSE:PRO) (Nasdaq:PVLS), the Medical Diagnostics and Pharmaceuticals Group, has today raised GBP2.6 million (before expenses of GBP0.1 million) through a placing for cash of 33,066,000 new ordinary shares of 1 pence each (" New Ordinary Shares"), predominantly with institutional investors and at a placing price of 8p ("the Placing"). The Placing was undertaken to provide additional working capital for the Group to help satisfy the exceptional and unexpectedly high demand from US customers for its new "point of care" diabetes diagnostic product in2it(TM) A1c.
