Trinity Biotech, the Irish-owned, Nasdaq-listed biotechnology company, is planning to raise between $2.7 million (£1.86 million) and $4.1 million in a private share placing to fund further development of the group's diagnostic products.

Chief executive, Mr Ronan O'Caoimh said that between two million and three million shares will be placed with investors, with half of these being existing shares being sold by current shareholders. The shares will be sold at a slight discount to the current market price of $2.75, indicating that between $5.5 million and $8.2 million worth of new and existing shares will be sold.