Ebola suit maker Lakeland Industries needs to raise $11.2m to keep up with demand

first_img Ebola suit maker Lakeland Industries needs to raise $11.2m to keep up with demand Emma Haslett Friday 24 October 2014 10:29 am Lakeland Industries, the New York-based company which manufactures protective suits used by those treating Ebola patients, has announced plans to raise $11.2m (£7m).The company said it will raise the cash through a private placement of common stock, at $10 per share, with the proceeds going towards paying off its debts and “supporting the increased demand for Lakeland’s safety products due to the Ebola crisis”. It said a massive increase in demand – the US State Department has placed a bid for 160,000 suits – meant it needed to step up manufacturing capacity.Christopher Ryan, Lakeland’s chief executive, said the offering “provides us with the capital we need to turn our attention to our core businesses”.Funding will go toward expanding our production capacity for our ChemMax and MicroMax protective suit lines in order to keep up with the significant global demand we have seen from governments, health organisations, and hospitals currently purchasing our fluid and pathogen resistant certified hazmat suits and other accessory items such as boots, sleeves and aprons used in the fight against Ebola.The news comes on the same day it was revealed a New York doctor had tested positive for Ebola. Dr Craig Spencer had used the subway, gone bowling and used an Uber cab before he began to feel symptoms of the disease. Earlier today, the World Health Organisation (WHO) said “several hundred thousand” vaccines against the disease will be produced by the end of 2015, although there is no proven cure for Ebola. So far, the disease has killed 4,877 people. in Libera, Guinea, Sierra Leone, plus one in the US. whatsappcenter_img Share Show Comments ▼ whatsapp Tags: Ebolalast_img read more