SG-based medical tech firm Biolidics raising $2.2m from share placement

Singaporean dollar bank notes are arranged for a photograph in Singapore, on Tuesday, Aug. 9, 2011. Photographer: Munshi Ahmed/Bloomberg

Singapore-based medical technology firm Biolidics Limited plans to raise S$3.13 million ($2.2 million) from a share placement exercise to fuel its business expansion and pursue new opportunities, according to a company statement.

The cancer diagnostic solutions-focused company said it planned to issue 17,858,000 new ordinary shares at an issue price of S$0.175 per share, which represents a discount of approximately 7.3 per cent to its volume-weighted average of S$0.188 per share, for all trades done on Catalist on March 13.

The company has an issued and paid-up share capital of 242.5 million shares. The placement will increase the issued and paid-up share capital to 260.358 million shares.

Biolidics said proceeds from the placement would be used for expansion of the company’s businesses through investments, mergers and acquisitions, joint ventures, collaborations with third parties, and general working capital purposes.

“The directors are of the view that the placement is beneficial to the group as it will increase resources and working capital available to the company as to pursue acquisition and/or business opportunities and improve cash flow,” Biolidics said.

Incorporated in 2009, the Singapore-based medical technology company focuses on the development of cell enrichment systems that can be used for cancer diagnosis, prognosis, treatment selection, and monitoring.

The company has developed and commercialised ClearCell FX1 System, a fully automated medical device that relies on a novel patented technology to separate and enrich cancer cells from the blood.

Biolidics Limited’s share placement exercise comes as the global in-vitro diagnostics market was valued at $61.22 billion in 2018 and is predicted to reach $87.11 billion by 2026, according to a study conducted by Fortune Business Insights.

The company said it aims to scale up its presence in markets that it operates in, expand into new market segments, and establish new sales channels, aligning itself with the growing demand for minimally invasive procedures in cancer diagnostics.

Last month, Biolidics announced that it would develop its proprietary cancer diagnostics solutions in China with the target of obtaining the clinical validation in the second half of 2020.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.