InnovaDerma raises £540,000

InnovaDerma has raised £539,999.60 ,before expenses, through a placing of 771,428 new ordinary shares at 70 pence apiece with new institutional shareholders.

The net proceeds of the fundraising will provide the company with working capital to fund growth into European and US markets and improve supply chain management to meet growing demand for Skinny Tan, a premium self-tanner brand that contains a natural tanning active, to tan and reduce the visible appearance of cellulite.

Executive chairman Haris Chaudhry said: "We are pleased to have received this level of support from our new institutional shareholders in this placing; the funds raised put us in a strong position at a key stage of the Company's development as we seek to grow our business in the UK and the US and meet growing demand for Skinny Tan."