AIM News: Workers buy up Angel Biotech shares

Three employees have exercised share options to invest in AIM-listed company Angel Biotechnology.

The Edinburgh-based biomanufacturing venture issued 4,803,573 shares at 0.1775p per share. No directors exercised options.

Angel Biotech recently agreed a 15-year lease on a new manufacturing site near Newcastle, which it hopes will eventually increase its output capacity by five-fold.

In February, the company also announced its first pre-tax profit of £193,000 in the year to December, on revenues of £2.95 million. It had lost £754,000 on sales of £1.48 million the previous year.

The unnamed employee investors will be sitting on a paper profit following their purchase. The shares cost a total of £8,526 to acquire and were valued at £21,856 at Tuesday's closing price of 0.455p per share. Angel Biotechnology has a market capitalisation of around £12.5 million.

The company will have a total of 2,676,177,805 Ordinary Shares in issue with voting rights following the share issue.

Angel has been trying to raise its profile among investors after winning increased demand for its specialist manufacturing and regulatory advisory services from drug developers.