Join our daily newsletter At The Bell to receive exclusive market insights
- BARD1 Life Sciences (BD1) raises $15 million through a placement to fund development and commercialisation of its cancer diagnostic tests
- BD1 will issue 9.6 million fully paid ordinary shares to new and existing institutional and sophisticated investors at $1.55 each
- Existing shareholders will be offered the opportunity to participate in a share purchase plan to raise a further $2 million on the same terms as the placement
- The funds will go towards commercialisation of BD1’s SubB2M programs for detection of breast and ovarian cancers, and its EXO-NET products
- The company’s shares resumed trade today, dropping 6.39 per cent to $1.69 at 2:51 pm AEST
BARD1 Life Sciences (BD1) has raised $15 million through a placement to fund the development and commercialisation of its cancer diagnostic tests.
New and existing institutional and sophisticated investors in Australia and Hong Kong supported the raise, in which will see 9.6 million fully paid ordinary shares will be issued at $1.55 each.
Existing shareholders will be able to participate in a share purchase plan (SPP) to raise a further $2 million on the same terms as the placement.
For every two shares issued under the SPP, each investor will also entitled to one free quoted option exercisable at $2.32.
BD1 has identified an unmet need for non-invasive, accurate and reliable screening tests for earlier detection of cancer. It is consequently developing a pipeline of cancer diagnostics for early detection of breast, ovarian, prostate and pancreatic cancers.
The company plans to put the funds towards advancing commercialisation of its products. It is focusing on its SubB2M programs for breast and ovarian cancers which BD1 said had shown high accuracy in proof-of-concept studies.
Additionally, the money will support the commercialisation of BD1’s EXO-NET products, including RUO EXO-NET which is a research use only tool.
CEO Leearne Hinch said the funds raised would accelerate development, validation and planned commercial launch of these products as laboratory developed tests in the US with a laboratory partner in 2023.
The company’s shares resumed trade today, dropping 6.39 per cent to $1.69 at 2:51 pm AEST.
