Alltracel raises £4m in private placing

Aim listed, Irish pharmaceutical firm Alltracel, has raised £4m (€5.74m) in a share issue from a private placement .

The firm makes special 'stop-bleeding' compounds used in plasters and sprays and plans to use the capital raised to expand this seal-on, first-aid treatment brand range in the US and UK early next year.

Last month, Alltracel secured two major deals in the US that will see its products carried in almost 7,500 pharmacies. Earlier in the year, it won a deal with healthcare chain Boots and raised €2m(€2.87m)in a private placement.

The company recently announced that revenues for the nine months ended 30 September 2003 were up by over 50% compared to the same period last year.