Companies: PDX   

Loss-making pumping and propulsion technology innovator Pursuit Dynamics intends to raise £8 million through a placing at 150p.

AIM-quoted Pursuit, whose losses rose 40 per cent to £2.8 million in the year to September, wants the money to strengthen its balance sheet, defend its intellectual property and demonstrate its financial soundness to potential customers, according to its chairman, ex-stockbroker John Heathcote. Royston-based Pursuit has won £405,000 orders since January for its PDX Sonic technology, which uses condensable or non-condensable gases in a novel way to heat, mix and pump in a controlled manner.

The company says it has so far this year licensed the PDX Sonic to Campbells Grocery Products, Premier Foods and Geest Foods in Britain, Verstegen Spices & Sauces in Holland and ‘a major [un-named] food manufacturer’ in the USA. Pursuit, which had £1 million in the bank at the end of September, sold its first soft drinks manufacturing applications to Coca-Cola a year ago and its first brewing application to Greene King last May.

Floated four years ago by broker Investec at 50p, Pursuit shares dropped to 22.5p by late 2002 but surged to 267p two months ago. Since then, they have fallen by a third to 177.5p, which gives them a speculative flavour.