TyraTech raises GBP3.2m to expand Vamousse product range

4th Nov 2015 10:31

(ShareCast News) - Life sciences company TyraTech has conditionally raised £3.16m before expenses through a placing and subscription of 105.3m new share at 3p each.It said the funds will be used primarily to increase the market penetration of its Vamousse product range, launch a new product range for use in animal production facilities and for general working capital.Chief executive officer Bruno Jactel said: "We are delighted with the support that we have received from both existing and new shareholders."The directors believe that the company is well positioned to capitalise on the expanded distribution achieved with its Vamousse brand in existing markets but also through phased geographic expansion, with a target to enter the German market and Australasia. The directors believe that the Vamousse brand will benefit from further marketing support and expenditure to increase market share more rapidly."At 1036 GMT, TyraTech shares were down 1.6% at 3.57p.