Companies: PURI   

Fast-growing life sciences concern PuriCore has raised £6 million in a 13.25p placing and is seeking another £4 million by open offer.

The Staffordshire-based company develops proprietary products to kill dangerous pathogens for use in food safety, medical device disinfection and wound therapy, and has accompanied this funding with a bullish first-half trading statement. This suggests that fully listed PuriCore increased sales 98 per cent to around £10 million in the six months to June, with US food safety sales rising 188 per cent to £5.4 million, endoscopy sales up 43 per cent to £4.2 million, costs down eight to ten per cent and cash of £4.5 million at the end of June.

Fully listed PuriCore, which has won a new £1.25 million order in the USA for its Sterilox food safety system, says proceeds from the placing, underwritten by Nomura Code Securities, and with applicable warrants, will fund revenue growth in food safety and endoscopy, repay £1.5 million of debt and take wound management into new areas. Money raised from the open offer will fund leases in ‘core markets’.

PuriCore shares, which fell from 83p two years ago to 13.25p earlier this month, now stand at 17.5p, valuing the company at £26.76 million. They are a punt.

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Puricore	LSE	£17.06m	7.88p	-0.12p
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Other company articles:
PuriCore seeks £10m			31/07/2008
Acceleration at PuriCore			29/04/2008