Inspiration Healthcare Group plc is looking to raise £3 million as it searches for a new CEO.

In a notice to the London Stock Exchange, the neonatal intensive care medical device pioneer said it intends to raise approximately £2.4 million via a share placing representing around a quarter of the company.

The issue price represents a discount of around 43% to the closing mid-market price of 24.5 pence per share yesterday.

In addition, certain directors and senior management at the firm intend to subscribe directly for new shares, raising a further £75,000.

The company also intends to make shares available to retail investors through the Winterflood Retail Access platform, potentially raising another £500,000.

“The net proceeds of the fundraising are expected to be utilised to reduce net debt and provide additional liquidity headroom… the net proceeds of the retail offer will be used to further reduce net debt,” Inspiration stated.

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Neil Campbell stepped down as CEO in May, becoming a non-executive director. 

Campbell, one of the original founders of the company, has been with the group for over 20 years and was appointed as CEO in 2015. 

Roy Davis, non-executive chair, has been named executive chairman and interim CEO while it considers options for a new permanent CEO.

Inspiration Healthcare has a market cap of around £13m at the time of writing. Its share price has fallen from 45p a year ago to around 20p today.

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