Imaging technology firm raises £850k
AIM-quoted Cambridge technology business Scientific Digital Imaging plc has conditionally raised around £850,000 before expenses through a UK placing.
The proceeds will be used to fully repay £379,000 of outstanding convertible loan stock plus interest that is repayable in July. SDI is also borrowing £50k in a loon from existing shareholder, Dana Investments BV. Dana is participating in the fundraising and will hold a 15.2 per cent stake in the scientific digital imaging business.
The balance of the proceeds of the fundraising plus the loan will be used for general working capital purposes and software development.
Chairman Ken Ford said: “I am delighted that SDI has received further investor support in this funding round. We now have a stronger platform on which to build our business.” In the last 12 months the company says it has seen revenue growth globally in the major application areas with improved gross margins. Over the period SDI has restructured its manufacturing to reduce the cost base. New systems have been implemented, resulting in greater efficiencies and cost savings throughout the company, Ford said. He said the company was beginning to see a tentative recovery in its markets and with the introduction of Synoptics Health within the Synoptics division and a number of innovative systems, SDI’s current sales pipeline continued to grow.
The board has been encouraged by the response to its newly launched ProReveal system where technology has been developed to detect nanogram levels of protein contamination on surgical instruments and could, the directors believe, help reduce the number of cases of post-operative infection.