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Pioneering biotech firm out to raise £8m

Pioneering biotech firm out to raise £8m

Seneca EIS portfolio company and Manchester-based biotech firm Premaitha Health is bidding to raise £8m with a placing of 40 million shares at a price of 20p each.

The company, which has pioneered the IONA non-invasive prenatal test (NIPT) for Down’s Syndrome in unborn children, says the placing is to build on its significant progress since its AIM listing in July last year.

The company wants the cash to accelerate the commercialisation of the IONA test by increasing levels of customer support and boosting its in-house capability. It also want to offer a rental model to selected customers where there are opportunities for commercial leverage and to Increase working capital associated with revenue growth.

Chief executive Dr Stephen Little said: “By raising money now, we are capitalising on our first mover advantage from having the first CE-marked NIPT in vitro diagnostic product on the market. The proceeds of the placing will further strengthen our position, enabling us to develop our product and enhance our customer service offering. Our intention is for the IONA test to become part of the standard of care for all pregnant women, not just those at high risk. This is a very exciting time to be in the NIPT space.”

See the article in full at TheBusinessDesk.com