The firm's board approved the issue of 38.5 million new shares, at a price of €0.52, last week.
Natraceutical, the biotech subsidiary of Spanish cocoa products group Natra , currently trades 22 functional ingredients and plant extracts, as well as purified caffeine. One of the first world producers of this product, it serves almost 400 clients around the world, exporting 90 per cent of its products.
But the company is aiming to shift its focus away from caffeine towards nutraceutical products. During 2003 and 2004 it has applied for five patents for functional ingredients and active principles, all derived from raw, natural materials, especially from the Mediterranean area.
The new funds will help it continue product development - earlier this year Natraceutical said it was ready to set up manufacturing facilities for some of the patented ingredients.
In 2003, Natraceutical achieved net profits of €2 million, a six-fold increase on the previous year. It is hoping to grow this further, in a world market for functional ingredients and nutraceuticals with forecast growth of 9.2 per cent.
