StockMarketWire.com - Ultrasound group MedaPhor launched a £7.1m share issue to develop artificial intelligence-based products and for general working capital purposes.

The company also proposed a name change to Intelligent Ultrasound Group.

New shares would be issued via a £5.0m placement and subsequent £2.1m open offer at 8.5p each, equivalent to MedaPhor's closing price on Friday.

'This is an important fundraise for the group that will enable us to continue the development of our range of AI-based ultrasound software tools in this new and exciting market,' chief executive Stuart Gall said.


At 8:09am: [LON:MED] Medaphor Group Plc share price was 0p at 8.5p



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