MedPal AI raised approximately £5.0 million through a new share placing. The company issued these shares at a price of 3.5 pence each.
Proceeds will fund the acquisition of Solid State Technologies, a provider of electronic medicines administration record (eMAR) software. The company also earmarked capital to secure inventory for the upcoming UK launch of the oral weight-loss drug Wegovy. Remaining funds will provide general working capital.
The 3.5 pence placing price represents a 40% premium to a fundraising round completed in April. However, this price reflects a 12.5% discount to the previous day's closing valuation.
MedPal AI shares fell 10% during Friday trading following the announcement. The stock price declined to 3.6 pence per share.