Haydale has announced its intention to raise a total sum of up to Â£9 miliion, divided into a Â£6 million through a placing arranged by Arden Partners and Â£3 million in an added subscription of qualifying participants. According to Haydale, the funds raised from the fundraising will be used to fund general working capital and the development of commercial opportunities.
In addition, Haydale announced its financial results for FY 2017. Its revenues increased over 100% year-on-year to Â£3.9 million (compared to Â£1.92 million in 2016), its loss increased to Â£4.75 million (2016: Â£3.64 million) and Haydale's cash at the year-end stood at Â£2.09 million. Of course, this is before the newly announced fundraising.