WideCells confident of closing £1.8mln share placing before end of the month

WideCells Group PLC requires £1.5mln to continue as a going concern and has received commitments for its shares placing of at least £1.8mln. The net proceeds of the placing “will be used to expand the group’s core end-to-end stem cell services as it looks to build its revenue profile” according to the company.
The Live Market Bookbuild, which commenced on 10 May 2018 has received commitments to raise a further £513,000, £183,000 of which represents a collective subscription for 6,100,001 placings shares at 3p per share from the directors. A gross total of £2.036mln commitments have been received. Additionally, the company has received £120,000 in directors’ loans, negotiated payment terms with creditors, agreed terms with its banks to extend its facilities, revised its current growth plans downwards and reduced all discretionary expenditure to conserve cash.
João Andrade, WideCells Group CEO, said: “With this Placing and Bookbuild receiving subscriptions to raise gross proceeds of £2 million, which includes continued support from institutional shareholders, we are delighted that investors continue to recognise the strong value fundamentals of our business, which we firmly believe in, as can be indicated through a number of Directors participating in this Placing. Our focus now is to drive uptake of our innovative portfolio of stem cell services and ultimately build revenues as we embark on a new phase of growth. We look forward to providing further updates in due course.”