Deltex Medical Group PLC on Monday said it has raised £1.9 million through a placing, subscription and retail offer.

The Chichester, England-based maker of blood circulation monitoring systems said it has raised £221,259 through a retail offer, which closed after market close Friday.

The retail offer was due to close on Wednesday last week, but was extended. The retail offer was for up to £500,000.

On Friday, Deltex said it had conditionally raised about £1.7 million through a placing of and subscription to 833.0 million shares at issue price of 0.20 pence each.

Based on this, Deltex has raised £1.9 million in total from the placing, subscription and retail offer. In total, 943.6 million shares will be issued in relation to the fundraise.

It said proceeds will provide additional working capital, funding for internal restructuring costs, creditor payments and to implement its restructuring and updated strategy.

Shares in Deltex Medical are suspended. They last traded a 1.10 pence on June 23.

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