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Venn Life Sciences raises £2mln as revenues grow

Last updated: 18:54 16 Mar 2015 AEDT, First published: 19:54 16 Mar 2015 AEDT

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Venn Life Sciences (LON:VENN) shrugged off a placing late Friday with the shares little changed today.

The clinical research group raised £2mln through a placing at 19p, an 18% discount to the close a day earlier. The money will ne used to beef up its operations and give it more flexibility to make acquisitions.

Venn said a number of shareholders had indicated they were keen to support a funding.

In December, the company reported revenues had doubled in 2014 to more than €4mln, with €6mln of orders already booked for 2015 and a further €18mln of work pending.

Venn said it needs to bulk up its business development, support systems and clinical research staff to handle these higher revenues and the larger contracts it is now winning.

Private equity group Livingbridge will hold a 13.5% stake after the placing and can appoint its own nominee to the board.

Shares were 22p today, valuing the group at £6.2mln.

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