DeepVerge raises £10mln to maintain sales momentum

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DeepVerge (LON:DVRG) has conditionally raised £10mln through a placing and subscription at 30p. 

Gerry Brandon, DeepVerge chief executive, said: “DeepVerge has seen a dramatic change over the last year with the acquisition of Modern Water and hitting our maiden EBITDA positive quarter in Q4 2020.  

“Along with the organic expansion, 2021 has already brought new and exciting service offerings such as our recently launched Skin Trust Club and initial installations of our real-time wastewater COVID detection products.

“The £10 million raised today allows us to maintain this momentum. I would like to thank both existing investors for their support and the high net-worth professional, family office and institutional clients of Turner Pope Investments, including Gresham House, who subscribed for a material proportion  of the raise .”

In particular, DeepVerge said the money would allow for the acceleration of Labskin Services: expand Skin Trust Club; sales at Modern Water and for general working capital.

In a trading update in March, DeepVerge reiterated its guidance this year for revenues of £10mln with £3.6mln already received in Modern Water orders in the first quarter while it said its Labskin division is working with 18 of the top 20 global pharma companies.

Phase III clinical studies of the rapid Coronavirus (COVID-19) breath test under development meanwhile showed it can deliver results in under 60 seconds.

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