Abzena, a life sciences group providing services and technologies to enable the development and manufacture of biopharmaceutical products, will initiate a placing to raise approximately £25 million to expand further its service offering, capacity and capabilities.
The Placing is conditional upon the passing of certain resolutions, the company noted. A circular is expected to be posted later today notifying shareholders of a general meeting for the purpose of considering the relevant resolutions.
Abzena said in its press release that it plans to use the net proceeds of the Placing to drive additional growth in the business. The company expects that proposed expenditure will drive revenue growth, margin improvement and operational gearing which will accelerate the company’s progression to profitability and significantly increase shareholder value.
John Burt, Chief Executive Officer of Abzena, said: “This new funding will enable us to build on the Group’s foundations, maximising the opportunities being presented to us and accelerating progress to sustainable profitability.”