Cellexus Biosystems of Cambridgeshire, UK, has announced that it has closed two private rounds of funding, raising just under £400,000
The company announced on 21 August 2006 that it was intending to raise funds to accelerate its development, through a private placing (private placing memorandum III) at 85p per share, which was opened for subscription on 4 September 2006.
The company reports that the placing was significantly oversubscribed and was closed for further applications the same day.
Company executives indicated that many of the existing shareholders from the earlier funding round (Information Memorandum II) have re-invested in further stock in this placing.
These shareholders were joined by a number of new investors.
Separately, the company announced that it had accepted an offer from an investor who specialises in the technology sector, to purchase £102,000 of its stock, at a price of 85p per share.
Kevin Auton, CEO of Cellexus Biosystems said: "We are very pleased with the response to our private placing and greatly appreciate the continued confidence shown in our company and the enthusiastic support of our existing shareholders.
"Nearly half of the funds raised in the placing were invested by existing shareholders who took part in the IM2 funding round.
"We believe their continued support, at a price significantly above their initial investment, reflects their recognition that the financial, developmental and marketing milestones laid down in IM2 have been achieved or surpassed.
"We are also delighted to welcome a number of new stakeholders in Cellexus Biosystems.
"This additional funding allows us to dramatically accelerate our marketing operations, as we bring our products to the attention of researchers in the biopharmaceutical industry throughout the world.
"We intend to invest a proportion of these funds into the establishment of a mammalian cell culture laboratory to support continued product development and to build the infrastructure needed to support these activities".
Cellexus Biosystems recently announced a demanding programme of exhibitions around the world, supported in part by UKTI.
Even before this marketing push Cellexus Biosystems had already commenced selling and shipping products to end customers, well ahead of its projected target.
To date, Cellexus Biosystems has raised £900,000 since incorporation in December 2005 and was listed on the Plus-quoted markets in May 2006.
The company has cash reserves of just under £700,000, sufficient it says to take it through to significant revenues and profitability.
