A Manchester-based developer of materials for flexible electronics has undergone a reverse acquisition and raised £17.6 million.
SmartKem’s deal with Parasol Investments, a publicly owned corporation based in Delaware, sees the North West firm become a wholly owned subsidiary of Parasol, with Parasol changing its name to SmartKem Inc.
SmartKem’s Ian Jenks becomes CEO of the company with fellow director Robert Bahns named CFO.
Other SmartKem directors Dr. Simon King, Klaas de Boer and Barbra Keck have become the directors of the company.
“The success of this financing surpassed our expectations, and we believe demonstrates investor confidence in SmartKem, our technology, product, current customer traction and the market opportunity,” said Jenks.
“This financing will allow us to continue to scale production of our truFLEX inks, our electrical design automation tools and expand our foundry services.”
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The truFLEX technology deposits organic ink on a substrate at a temperature as low as 80°C, enabling manufacturers to use a range of low-cost flexible plastic substrates using existing industry standard equipment and infrastructure.
SmartKem says its transistor stacks are flexible, bendable, wearable and lightweight and can be used in a number of different applications, including bendable smart-phone displays, foldable laptops, TV backlights, curved automotive displays, color ePaper displays, wearables, fingerprint and X-ray detectors as well as printed biosensors.
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