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Blackburn-based nutrition firm Science in Sport has raised £8m through placing more than 47 million shares at price of 17p.
The shares represent 25.8 per cent of the AIM-listed company's total issued share capital.
Existing backer Lombard Odier Investment Managers committed to 13 million of the shares, and executive chairman Daniel Wright has increased his holding from 1.7m to 5.9m shares.
Established in 1992, Science in Sport develops, manufactures and markets innovative nutrition products for professional athletes, sports and fitness enthusiasts and the active lifestyle community.
The company operates under two brands, PhD Nutrition, a premium active-nutrition brand targeting the active lifestyle community, and SiS, a leading endurance nutrition brand among elite athletes and professional sports teams.
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