Placing For Innovative Technologies Group

10 March 1997

A placing of 1,562,490 new ordinary shares in the UK's InnovativeTechnologies Group has been made with institutional investors at a price of 270 pence ($4.36) per share to raise around L4.2 million ($6.8 million).

Keith Gilding, chief executive of ITG, said: "Innovative Technologies has invested substantially in its business over the past 12 months and now has the capability to manufacture a range of wound care products for its worldwide customers. The proceeds from the placing will be utilized for working capital purposes and for outstanding development needs."

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