Swansea Innovations spinout and lighting manufacturer PhotonStar LED has conditionally raised £2.2m

Swansea Innovations spinout and lighting manufacturer PhotonStar LED has conditionally raised £2.2m through a share placing.

 The group raised the proceeds by placing 31.4 million new shares of 1p each at a price of 7p per share.

 The net proceeds will be used to maximise the commercial opportunities for the company's Halcyon system.

 The group has also released a trading update for the six months to 30 June 2013. Group revenue in the first half of the year was £3.8m, down from £4.3m last year.

 PhotonStar said that several large new-build construction projects which were expected to be completed in the first half of the year have been delayed to the second half, primarily due to adverse weather conditions.