Spanish biotech company Puleva Biotech will later this week ask shareholders to approve its proposal to issue 1.7 million new shares at €0.6 (US$0.52) apiece.

The company will boost the startup's capital by some €20.5m. Puleva Biotech, which spun off from food giant Puleva, was listed on Spain's high-tech Nuevo Mercado market last December, and sought the issue as part of an employee loyalty plan.

The firm has registered a patent for a naturally based product to reduce cholesterol levels, reported El Pais.