Strong support for Pacific Edge fundraising

Dunedin-based cancer diagnostics company Pacific Edge has closed its oversubscribed retail offering.

Last month, the company listed on the ASX and announced it wanted to raise $80 million in capital, $60 million from an equity placement and $20 million from an offering. retail for existing shareholders.

The equity offering was increased to $80 million due to strong demand.

Yesterday afternoon, Pacific Edge told NZX that it had received very strong support from existing shareholders and that demands had totaled $80 million, 300% more than the initial offer.

In its announcement, the company said it accepted $3.5 million in oversubscriptions.

Acceptance of the oversubscriptions allowed all applicants to receive the minimum of their application or their pro-rated allocation up to the maximum of $50,000 under the offer.

Chairman Chris Gallaher said the $103.5 million raised from the two raises will allow Pacific Edge to capitalize on business milestones and accelerate its growth strategy in the United States and other major markets. targeted.

“Our company continues to make great strides as we position our Cxbladder test suite as the diagnostic product of choice for urologists and patients alike.”

The positive momentum seen in FY21 and the first quarter of FY22 continued with continued growth in testing numbers and cash receipts, despite the impact of Covid-19 restrictions on the healthcare market, Mr. Gallaher said.

The new shares would be issued at $1.35 per share, which was the lowest price paid by investors in the stock placement during the 5-day trading period through Oct. 13.

Refunds for excess claims were due by October 27.

Settlement and the allotment of the new shares are expected to take place tomorrow.

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