The placing proceeds will potentially enable the company to progress its key programmes.

Executive chairman John Samuel said: "We are delighted to announce this material funding round which will transform our balance sheet and gives us the firepower to leverage our innovative technology platform.

"As well as allowing the company to develop a range of products simultaneously following the established medical device regulatory route, this commitment from both existing and new investors is a significant endorsement of the commercial potential of our broad product pipeline.

"We are also pleased to note that the planned expansion of key teams will potentially lead to the creation of up to 30 high quality medical technology jobs in Yorkshire."

At 1:04pm: (LON:TRX) Torex Retail share price was +0.13p at 14.25p

Story provided by StockMarketWire.com