CDT raises millions as it looks forward to landmark 2006
Cambridge Display Technology has raised just over £10m through a private placement on NASDAQ in order to mount a commercial push in 2006.Cambridge Display Technology has raised just over £10m through a private placement on NASDAQ in order to mount a commercial push in 2006.
Dr David Fyfe, CEO of CDT said: “This funding strengthens our balance sheet at an important time in the development of our strategic plans. We look forward to 2006 with great excitement.”
The company placed just over 2 million shares of its common stock at $8 per share, together with warrants to purchase up to 650,000 additional shares at an exercise price of $12 per share.
CDT is a pioneer in light emitting polymers (P-OLEDs) and their use in a wide range of electronic display products used for information management, communications and entertainment. P-OLEDs are part of the family of organic light emitting diodes, or OLEDs, which are thin, lightweight and power efficient devices that emit light when an electric current flows.
P-OLEDs offer a better picture and superior performance characteristics compared with other flat panel display technologies such as liquid crystal displays, and have the key advantage that they can be manufactured by inkjet printing.