The stock’s been in trading halt since Tuesday but kicked off its raise on Wednesday.
The company split the cash call into a $5 million placement and a $20 million 1-for-6.85 non-renounceable entitlement offer. Both were priced at 77¢ per CHESS depository interest , a tight 1.9 per cent discount to Universal Biosensors’ last close. . Potential investors were told Viburnum Funds, an entity associated with Universal Biosensors’ chairman Craig Coleman would underwrite the raise.The term sheet said Universal Biosensors had patented technology using finger prick blood samples via a portable handheld device, and ambition to build a multi-product stable of biosensors in large markets.
It said the company would use the funds raised to accelerate existing product development, sales, expansion of specialist laboratory services, scale-up manufacturing and for research and development of next products.Petra Capital was the sole lead manager and book runner on the raise.is an award-winning journalist who writes on technology and healthcare from our Melbourne newsroom.
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