Angel Biotechnology (LON: ABH) has raised £1.15 million via a placing that will be used to fund increased fermentation manufacturing capacity.
The cash injection will also be deployed to accelerate capital and staffing expenditure and provide additional working capital to support business growth.
Chairman Dr Paul Harper said: "We are delighted at this busy time of year and in these difficult market conditions to have successfully raised sufficient funds to drive this business forward.
“We are delighted with the support from institutional investors and new institutions whom we are pleased to have on board.
The company is also extremely busy managing a very high volume of work at our Pentlands site while we re-commission Cramlington, where the increased capacity will facilitate our forecast business growth for the remainder of this financial year and beyond.”
The group is a contract manufacturing company specialising in advanced biologics.
It has a plant in Pentlands, near Edinburgh and is re-commissioning a facility in Cramlington, Northumberland.