Dr Steven Powell, Chief Executive Officer, Cambridge Cognition said: “The new funding will enable us to accelerate our growth as we expand both eCOA and digital health. The funding will also allow us to strengthen the balance sheet for discussions with corporate partners and expand the management team with the addition of Matthew Stork as COO. We are grateful for the support of our existing shareholders and welcome the investment of our new investors “
Cambridge Cognition Holdings plc (LON:COG), which develops and markets neuroscience technology to assess brain health, today announced that it has raised total gross proceeds of £2.5 million through:
- an oversubscribed placing of 3,437,500 new ordinary shares (“Placing Shares”) of 1 pence each in the capital of the Company (“Ordinary Shares”) at a price of 72 pence per Ordinary Share (the “Issue Price”); and
- a subscription for 34,723 Ordinary Shares (the “Subscription Shares”) also at the Issue Price (the “Subscription”) (the Subscription and the Placing together, the “Fundraising”).
finnCap Ltd and Dowgate Capital Limited acted as joint bookrunners to the Company (the “Bookrunners”).
Highlights
· The Fundraising has raised gross proceeds of £2.5 million at the Issue Price
· Director participation of £25,000 through the Subscription
· The Fundraising uses the Company’s existing authorities to issue the new Ordinary Shares
· Application has been made for the Placing Shares and the Subscription Shares (together, the “Fundraising Shares”) to be admitted to trading on AIM (“Admission”). It is expected that that Admission will become effective at 8.00 a.m. on 12 March 2019 and that dealings in the Fundraising Shares will commence at that time
Use of proceeds
The Company will use the net funds arising from the Fundraising, being approximately £2.3 million to accelerate expansion of the Company’s operations and strengthen its balance sheet as follows:
- Replicate US ‘prime’ and digital health activities in the EU and Far East
£500,000
- Expand software group for eCOA and digital health opportunities – additional sprint teams
£600,000
Core business total
£1,100,000
- Digital intervention projects
£600,000
- Strengthen management team and balance sheet
£600,000
Total
£2,300,000
Appointment of Chief Operating Officer
Cambridge Cognition Holdings plc , which develops and markets neuroscience technology to assess brain health, is pleased to announce that Dr. Matthew Stork has agreed to join the Company as Chief Operating Officer on completion of the fundraise announced earlier today.
Matthew has expertise in a broad range of healthcare sectors including healthcare IT, diagnostic imaging, clinical service delivery, capital devices and pharmaceuticals. He has held executive roles at InHealth Group, General Electric, ArjoHuntleigh, Toshiba Medical and Smith and Nephew. It is expected that Matthew will join the Board of Directors of the Company in due course.
Commenting Steven Powell, Chief Executive Officer, said:
“We are delighted to welcome Matthew to Cambridge Cognition – he has extensive experience in digital health and has been successful in driving growth and shareholder value. Matthew will play a key role in driving our penetration of cognitive and clinical assessment markets and to forming strong relationships with corporate partners. Matthew joins us at an exciting time – we have a record level of contracted revenue and substantial demand for our innovative offerings which will provide a platform for growth.”
