Akers Biosciences to raise $2m in US placing

10th Jan 2017 12:06

(ShareCast News) - Rapid diagnostic test manufacturer Akers Biosciences said it plans to issue $2m of new shares plus warrants over another $1m worth of shares.The AIM- and Nasdaq-listed outfit said funds will be used for working capital as well as to accelerate growth in the US and in international markets, further develop new customers and launch new diagnostic products.Akers, which in November's third-quarter results revealed total revenue from product sales rose 262% to $613,198, would issue 1.67m shares at a fully underwritten public offering price of $1.20 per share, plus 833,500 five-year warrants to purchase common shares with an exercise price of $1.50.The offering, which is being run by Joseph Gunnar & Co, is expected to close on 13 January.Trading in London saw Akers shares fall 13% to 132.5p by midday.