OptiBiotix raises £1m in new placing

OptiBiotix had an additional £1m to play with on Friday, announcing a new placing of 1,282,051 ordinary shares at 78p each.

The AIM-traded life sciences company, which specialises in products treating obesity, high cholesterol and diabetes, said the placing shares were issued to funds managed by Seneca Partners - an existing institutional investor in OptiBiotix.

Seneca's beneficial shareholding in the company was 5,537,051 shares, or 7.13% of the company's issued capital, the board confirmed.

"We are delighted that Seneca, as a major shareholder and respected wealth manager, have increased their stake in OptiBiotix", said CEO Stephen O'Hara.

"The funds will be used to further accelerate our development programmes to capitalise on the growing number of opportunities arising in the rapidly evolving microbiome space, and build shareholder value", he added.

Application was yet to be made to the London Stock Exchange to admit the placing shares to AIM - that was expected to take palce on or around 11 February.

The placing shares would rank pari passu with the company's existing ordinary shares, it was reported.