Aquaculture biotechnology firm Benchmark secured £36.4 million (€43 million/$47 million) in a stock offer to support the launch of its new products.
The UK-based company also intends to raise an additional £6.6 million (€7.7 million/$8.5 million) through an open offer to support product launches.
The sale price of the London-listed stock was £0.40 (€0.47/$0.52) per ordinary share. The company did not disclose who bought shares through the offer, however, some unnamed directors expected to buy shares in the private placement.
The company intends to use a big chunk of the raised capital to fund the development of its CleanTreat system, which removes medicinal residues from treatment water.
This comes prior to the commercial delivery of BMK08, the company's new sealice treatment.
Another part of the raised money -- £16 million (€19 million/$21 million) -- will be secured for a general increase in working capital in the group.
UK-based brokerage Numis acted as the financial advisers for this transaction.
The group, which has suffered from a weak shrimp and seabass and bream market, expects conditions to continue in 2020, although the outlook for the salmon segment is more positive.