Core Seeks L23m From Share Placing

- Core Group hopes to raise approximately L23 million ($37.6 million)net of expenses from a placing of new ordinary shares, which has been "heavily oversubscribed," says the company. This will value the company at L73 million. The money is expected to fund the company's activities for another four years, by which time it hopes to be in profit. At present it loses around L6 million every year. Core's flagship product, a morphine suppository, is awaiting regulatory approval in the UK, with five other products in the pipeline, at various stages of development.