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WideCells unveils fund-raising details

The group had flagged its plans to raise funds, without which it was at risk of not being able to continue trading as a going concern
Pound notes
Private investors can buy newly issued shares via the Teathers app

Healthcare services company WideCells Group PLC (LON:WDC) is planning to raise at least £1.47mln through a share placing at 3p a pop.

The company said in a statement that it has received commitments to take just over 49mln new shares.

READ: WideCells Group delays publication of 2017 results as fund-raising talks continue

Additionally, as part of the placing, the group intends to raise up to a further £450,000 through a book-build conducted through the Teathers app, which is an app designed to give private investors the chance to participate in fund-raising exercises that are normally restricted to institutional investors.

WideCells said the funds raised would be used to expand the group’s core end-to-end stem cell services as it looks to ramp-up its revenue, largely through driving sales of its global stem cell insurance plan, CellPlan, and its stem cell storage services.

Shares in WideCells are currently suspended, pending publication of its annual results.

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