Zeus Capital acted as Nominated Adviser and Broker to Venn Life Sciences on its £2m fundraise
Venn Life Sciences (AIM: VENN), is a fast-growing Clinical Research Organisation (CRO) providing clinical trial management and resourcing solutions to pharmaceutical, biotechnology and medical device clients.
The company has witnessed a strong close to 2014, recording a record billing in November — in excess of â‚¬900,000 and stated that full year revenues were expected to be at least double the â‚¬2.04m experienced in 2013.
The placing sees 10,868,411 new ordinary shares enter the market at a placing price of 19p per share, raising £2m.
Tony Richardson, CEO, Venn Life Sciences commented:
The £2m proceeds from the placing will allow further investment in working capital and aid expansion in the key commercial areas of the business, particularly business development, support systems and the hiring of clinical operations staff as we continue to win larger contracts from existing and new customers.
Ross Andrews, Director, Zeus Capital commented:
“We have acted for Venn since its arrival on AIM in late 2012 and we are pleased to have raised further funds for the company. This raise was on the back of record orders in 2014. Venn has started 2015 with new contracts valued at $4.1m from an existing US biotech client.”