LONDON, June 7 Reuters DeepVerge, a Londonlisted company that tests wastewater for COVID19 and also assesses skincare products, has raised 10 million pounds 14.2 million to fund expansion.
The company priced the new shares at 30 pence, representing a 11.8 discount on the closing price on June 4.
Chief Executive Gerry Brandon said DeepVerge was seeing faster than expected growth in both its Labskin human skin equivalent platform, which works with leading skincare companies such as LOréal and KimberlyClark, and in its wastewater testing business.
It is fitting new technology into its wastewater monitoring units, which number more than 3,000 installed in over 60 countries, to enable realtime detection of COVID and other contaminants, he said.
If the virus is actually there, its detected immediately and an alert is made, he said, adding that realtime detection was about three days faster than sending samples to a lab.
Shares in DeepVerge were trading down 3 at 32.5 pence on Monday.
1 0.7060 pounds
Reporting by Paul Sandle; editing by Michael Holden