The company said in a statement that it has received commitments to take just over 49mln new shares.
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.
Just taken a position in Widecells #WDC at 5p. At this market cap seems compelling to us subject to resolving financing.— Align Research (@AlignResearch) May 1, 2018
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.