InnovaDerma PLC Placing (7434R)

TIDMIDP

RNS Number : 7434R

InnovaDerma PLC

14 December 2016

This announcement must not be sent or transmitted, directly or indirectly, into the United States, Australia, Canada or Japan and is not for distribution, directly or indirectly in the United States, Australia, Canada or Japan or any other jurisdiction where the extension or availability of the Fundraising (and any other transaction contemplated thereby) would (i) result in a requirement to comply with any governmental or other consent or any registration filing or other formality which InnovaDerma regards as unduly onerous, or (ii) otherwise breach any applicable law or regulation.

InnovaDerma PLC

("InnovaDerma" or the "Company")

Placing

InnovaDerma (LON: IDP), a UK developer of 'at-home' and clinically proven treatments for hair loss, hair care, self-tanning and skin rejuvenation, is pleased to announce that the Company has raised GBP800,000 before expenses through a placing by Hybridan LLP of 727,273 new ordinary shares (the "Placing Shares") at a placing price of 110 pence per share.

Use of proceeds

The Company has continued to receive strong demand for its products and therefore the key funding priority is to build stock levels at a faster pace to fulfil any increase in demand from various markets in the second half of our financial year in 2017.

Presentation

The Company has updated its corporate presentation on its website, http://www.innovaderma.com/investor-relations/ to include clarifications and corrections to some statements.

Haris Chaudhry, Executive Chairman said:

"Following our recent fundraise, we are delighted with the further support shown by investors which will ensure we have adequate levels of stock to meet demand in the second half of our financial year in 2017."

Details of the Placing

 
 Placing Price                    110 pence per share 
-------------------------------  -------------------- 
 Number of Placing Shares         727,273 
-------------------------------  -------------------- 
 Gross proceeds receivable        GBP800,000.30 
  by the Company 
-------------------------------  -------------------- 
 Number of Ordinary Shares 
  in issue following Admission 
  of the Placing Shares           11,844,236 
-------------------------------  -------------------- 
 New Placing Shares as            Approximately 6.1% 
  a percentage of the enlarged 
  share capital 
-------------------------------  -------------------- 
 

Estimated timetable of principal events

 
 Announcement of the Placing     14 December 2016 
------------------------------  ------------------------------ 
 Admission of Placing            22 December 2016 
  Shares 
------------------------------  ------------------------------ 
 New Ordinary Shares in          As soon as possible following 
  uncertificated form expected    Admission of the Placing 
  to be credited to accounts      Shares 
  in CREST 
------------------------------  ------------------------------ 
 

Settlements and Dealings

Applications will be made for the Placing Shares to be admitted to the Standard Listing segment of the UK Listing Authority and to trading on the Main Market of the London Stock Exchange. Admission of the Placing Shares is expected to become effective on 22 December 2016 and the Placing Shares will rank pari passu with the existing ordinary shares of the Company. Following Admission, the Company will have 11,844,236 ordinary shares in issue. This figure (11,844,236), is the number which may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interests in, the Company under the FCA's Disclosure and Transparency Rules.

Further enquiries:

 
 InnovaDerma 
  Haris Chaudhry/Joe Bayer      [phone] 
---------------------------  ----------------------- 
 Sole broker 
  Hybridan LLP 
  Claire Noyce                  [phone] 
---------------------------  ----------------------- 
 Cardew Group 
  Shan Shan Willenbrock 
  David Roach 
  Emma Ruttle                   + 44 (0)20 7930 0777 
---------------------------  ----------------------- 
 

About InnovaDerma:

InnovaDerma PLC (LSE: IDP) specializes in the research, manufacture and marketing of clinically proven products in hair loss, anti-ageing and beauty sectors. InnovaDerma has presence in the UK, US, Australia, New Zealand, Philippines, South Africa, Hong Kong and South Korea.

www.innovaderma.com

This information is provided by RNS

The company news service from the London Stock Exchange

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December 14, 2016 04:45 ET (09:45 GMT)