UTEK raises capital

UTEK Corp. will sell roughly 1.5 million shares of common stock to three institutional investors, which will generate $3.8 million in capital for the Tampa firm, minus offering-related expenses.

The company will complete the sale under the name Innovaro (symbol: INV), and then use the proceeds for product development, a release said. The potential for acquiring other businesses was also mentioned.

UTEK markets itself as an innovation solution provider, targeting latent values in client intellectual property and helping to bring products to market.