3D fundraising raises £1.4m as losses double

DENTAL technology specialist 3D Diagnostic Imaging has raised £1.41 million to strengthen its balance sheet.

The Dundee firm’s management team and existing investors have subscribed for more than 59 million shares at 2p each – the same level as Wednesday’s closing price,

Chairman James Noble said the fundraising would put the company on a “solid foundation” and enable it to exploit a number of international distribution deals it has recently signed for its dental decay detection device

The company, which has recently closed its US office to cut costs, also yesterday announced full-year results to 30 June which showed revenues rose to £715,000 from £2,800 but increased operating costs saw losses before tax double to £2.4m. At the year end the company had cash reserves of £520,000. Shareholders need to approve the fundraising at a meeting next month.