LONDON (ShareCast) - (Sharecast News) - Flying Brands has raised £0.5m as a result of its Monday morning share placing to fund the design and manufacture of a commercial version of a cloud-based interface for its StoneChecker software.
The medical imaging software firm placed 20m shares onto the London Stock Exchange at a price of 2.5p each.

Flying Brands will also use the monies raised from the placing to help it obtain FDA clearance for StoneChecker, begin commercial sales of the software in the UK and launch both StoneChecker and its Imaging Biometrics' products commercially in the US, India and China.

Commerical sales of StoneChecker in the UK were expected to begin in the fourth quarter.

The placing remained subject to shareholder approval at Flying Brands' annual general meeting on 31 July.

As of 1200 BST, Flying Brands shares had slumped 20% to 2.50p.

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