LAWFUEL – Press Release Service – International legal practice Norton Rose is advising Hoare Govett Limited, nominated adviser, broker and underwriter, on the cash placing recently announced by Osmetech PLC. Simultaneous with the placing, Osmetech announced a private placement with a US-based biotech fund. The placing and the private placement will raise gross proceeds of approximately £12.8 million.
The placing is conditional on the private placement as well as the approval of Osmetech’s shareholders. Admission of the new ordinary shares to be issued in connection with the placing and private placement is anticipated to take place on 11 July 2006.
Osmetech is an international diagnostics business serving the high growth near patient test market and targeting small to medium sized hospitals. The funds raised will be used for general working capital purposes, including the funding of current operations and new product launches.
Norton Rose was led by corporate finance partner Paul Whitelock, assisted by Kate Hargreaves and Kathy MacDonald with US law advice provided by Tom Vita. Ashurst advised Osmetech.
For further information please contact:
Sean Twomey, head of public relations
+44(0)20 7444 3740 sean.twomey@nortonrose.com
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