(Alliance New) - RUA Life Sciences PLC on Friday said it has raised £4.4 million through a placing, subscription and retail offer.

On Friday, the Glasgow-based medical technology holding company said it has raised £310,000 through a retail offer of 2.8 million shares priced at 11 pence each.

Shares in RUA were down 0.5% to 11.10p each on Friday morning in London.

Earlier in December, RUA said it had raised £4.0 million the placing of 36.4 million new shares at 11 pence per share. It raised £80,000 from directors intending to subscribe for another 727,272 shares.

At the time, it said it was planning on raising a further £750,000 through a retail offer.

Chair Bill Brown said: ‘Following our change of strategy, the funds will be targeted at accelerating growth within contract manufacturing; strengthening the company’s balance sheet to aid the commercialisation phase of its research & development projects within the company’s vascular graft.’

Copyright 2023 Alliance News Ltd. All Rights Reserved.