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Kromek to raise £13 million to commercialise bio-security system

Durham technology company Kromek has announced a directors’ subscription and open offer to raise up to £13 million from new and existing institutional investors.

The proposed conditional directors’ subscription aims to raise £10 million through the issue of 66,666,667 placing shared at 15 pence per share.

The proposed open offer aims to raise £3 million through the issues of up to 20,228,064 open offer shares at 15 pence per share.

Net proceeds of the transaction will be used to de-risk and commercialise bio-security/pathogen detectors and increase the rate of commercialisation.

Earlier this year, Kromek announced the adaptation of its air monitoring system to detect COVID-19 and further stated that once operational, the device would be capable of analysing any airborne pathogen.

The technology could act as an early warning system and play a crucial role in creating a more bio-resilient world.

The funds will also be used to expand sales and marketing of the company’s nuclear detection and medical imaging activities and to strengthen the balance sheet with more flexibility to address and capitalise on current and emerging opportunities.

Rakesh Sharma, chairman of Kromek, said: “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.

“As such, the board recommends all shareholders to vote in favour of the proposals, which will allow us to capitalise on the substantial opportunities with which we are presented.”