BRITISH technology business Cambridge Cognition yesterday raised £6.4m from an Aim float as it hopes to cash in on the growing demand for dementia testing.
The company says it will use the funds to grow sales of a portable version of its technology, which it hopes can cut the time it takes to diagnose dementia from a year and a half to just three months.
The shares began trading at 70p, valuing Cambridge Cognition at around £11.8m, slightly lower than had been hoped for.
“Our move to Aim and the additional funding will accelerate the rollout of our point of care cognitive test for GPs and dementia specialists,” said chief executive Ruth Keir.
“With nearly half of those in the UK with dementia being undiagnosed there is a huge policy shift towards early diagnosis and intervention and our technology is ideally placed to facilitate this.”
Prior to the float the company was two-thirds owned by the London and Munich venture capital firm Pall Mall Partners.
Specialist small-cap financial adviser and broker FinnCap acted for Cambridge Cognition on the IPO, with a team led by Matthew Robinson and assisted by Henrik Persson.
Legal advice was provided by Neil Foster’s team at London law firm Baker Botts.