Irish biotech raises €2m

3 Sep 2003

Dublin-based biotech firm Alltracel, which is listed on the London AIM market, has raised €2m in a private placement round.

The private placement was oversubscribed. The consideration for this investment is the issue of 5,069,100 new ordinary shares in Alltracel PLC at 27 pence sterling, being the average mid-price of the quoted shares over the four-day period from 25-28 August, 2003.

Application is being made to the London Stock Exchange for the admission of the new ordinary shares to be admitted to trading on the Alternative Investment Market (AIM).

In addition, the New York-based life sciences venture capital group, True North Capital, has been appointed by Alltracel as advisers for further potential M&A and funding activity

The biopharmaceutical research and development company specialises in medical devices and compounds, and is the owner of the stops-bleeding m•doc first-aid ingredient brand and Seal-On the first-aid treatment brand.

Commenting on the conclusion of this fundraiser and appointment of True North Capital, Gerard Brandon, chief executive, said: “The rapid development of our business in the past year as well as the acceleration in our rollout plans for both our stops-bleeding m•doc first-aid ingredient brand and Seal-On the first-aid treatment brand requires us to invest aggressively in the co-funding of sales and marketing capability now in both the US and EU markets.

“Access to the US capital markets is important for the Alltracel brands to fully realise their medium term potential. We are delighted to be working with True North Capital, whose international experience in assisting late-stage life science companies will be invaluable to Alltracel as we consider both organic and acquisitive expansion options over the next six months,” he added.

By John Kennedy