More than $12m has been raised by a firm which makes materials for flexible electronics such as bendable smart phone displays, foldable laptops and TV backlights.
Manchester-headquartered SmartKem has secured an additional $12.2m through a private share placement.
The company indicted that it may sell additional securities in the private placement to reach a total of up to $18m.
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SmartKem said it intends to use the net proceeds from the private placement for "working capital and general corporate purposes".
The Special Equities Group, a division of Dawson James Securities, Inc., and Katalyst Securities LLC acted as the placement agents for the private placement.
SmartKem is based in Hexagon Tower at Manchester Technology Centre and has around 120 issued patents.
In February 2021, SmartKem raised almost $25m and completed a reverse takeover with a US business.
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