Angel spreading its wings with £1.2m share placing

ANGEL Biotechnology, the Edinburgh-based life sciences firm, yesterday raised £1.2 million through a share placing with new and existing investors to fund the expansion of its newly-reopened site near Newcastle.

The Aim-quoted company will used the cash to buy equipment and hire additional staff for the facility at Cramlington.

Angel had previously operated from the laboratory until moving its head office to Edinburgh but began refitting the site earlier this year so it can cope with bigger contracts, such as making ingredients for drugs.

Executive chairman Paul Harper is also receiving a further ten million shares in the company in lieu of salary.

Harper has regularly accepted shares instead of cash payments and now has a 3 per cent stake in the company.

Although the firm is one of Scotland’s smallest listed companies, the high number of shares in circulation – currently about 2.7 billion and rising to 3.3 billion after the placing – means it regularly ranks among the most-traded equities.

Harper said: “We are delighted at this busy time of year and in these difficult market conditions to have successfully raised sufficient funds to drive this business forward.

“We are delighted with the support from institutional investors and new institutions whom we are pleased to have on board.

“We have secured and are continuing to secure a greater number of new contracts as the Cramlington facility nears completion, as with TransGenRx last Friday.”