Lifecore Biomedical ( (LFCR) ) has shared an update.
Lifecore Biomedical, Inc. successfully closed a private placement of 5,928,775 shares of common stock, raising approximately $24.3 million to support its growth strategy and fulfill liquidity needs. This financial boost is intended to help the company focus on expanding its business, including the recent installation of a high-speed 5-head isolator filler that more than doubles its capacity, increasing its revenue potential to up to $300 million annually. The funds also aim to aid in the aggressive pursuit of new business, including agreements with four new customers and the expansion of existing projects, as Lifecore continues to assert its presence in the pharmaceutical and biotech markets.
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