Kromek to raise £13mln for bio-hazard detector push

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Kromek PLC (LON:KMK) is to raise up to £13mln through a firm placing, directors’ subscription and open offer at 15p per share.

The group said the money is earmarked for its range of bio-security/pathogen detectors and to increase the rate of commercialisation, sales and marketing of its nuclear detection and medical imaging ranges.

Rakesh Sharma, chairman, added: “This investment will help us with our next phase of growth and to become cash flow positive and achieve operational profitability.

“These funds in the short term will enable us to accelerate the commercialisation of our biological threat detection technology as well as the delivery of our nuclear detection and medical imaging pipeline.”

Terms of the open offer are 1 offer share for every 17 existing ordinary shares.

Shares in Kromek fell 14% to 16.9p.

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