Stem Cell Sciences, the biotechnology company, said on Wednesday it had raised £5.6m net of expenses ahead of its debut on Aim next week, less than the £10m sum it had originally set its sights on.

The company said it had placed 5.1m shares at 97p each, giving the company a market capitalisation of about £21m. It plans to use the proceeds to fund its work, which involves the use of stem cells in research, drug discovery and cell