OptiBiotix Health PLC on Monday said it had raised £500,000 to invest in the company’s direct-to-customer product model.
The York-based probiotics developer tackling obesity, cardiovascular diseases and lifestyle conditions announced that it had raised the funding by issuing 3.1 million new ordinary shares worth 16.00 pence per share.
The funding of OptiBiotix’s D2C product model is intended to ‘drive sales growth across the business and build partnerships in the USA and for general working capital purposes,’ the company said.
Admission of the 3.1 million new shares to the London Stock Exchange is expected to occur around December 9. Following the admission, the company will comprise of 91.2 million shares.
Stephen O’Hara, chief executive officer of OptiBiotix said: ‘The funds will support an acceleration of our direct to consumer business, help expand our US partner network, and launch our second generation products into the market. These steps will help create shareholder value and support OptiBiotix’s position as a leader in the microbiome field.’
OptiBiotix shares were down 19% trading at 15.73p per share at midday on Monday in London.
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