By Michael Susin
Oxford BioDynamics said Tuesday to that is seeking to raise at least 5 million pounds ($6.4 million) to support commercial development of its flagship cancer test.
The U.K. biotechnology company said that a minimum of 43 million shares will be placed and up to 2.5 million shares will be issued for direct subscription at a price of 11 pence a share. This represents a premium of 2.3% from Monday’s closing price of 10.75 pence prior to the announcement.
The company will also launch a retail offer to raise up to GBP2 million at the same issue price.
The company said that proceeds will be used to support the commercial development through continued investment in sales and marketing activities of its cancer test EpiSwitch, and to complete the validation, launch and initial sales and marketing support of its prostate-screening blood test expected to be launched in the fourth quarter.
Write to Michael Susin at [email protected]
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