Singapore-based medical technology Biolidics Limited is tapping the SGX Catalist market by issuing 27.5 million placement shares at S$0.28 apiece to raise approximately S$7.7 million ($5.6 million) in gross proceeds from the IPO.
The IPO offer closes on December 17, 2018, and listing will take place on December 19, 2018. United Overseas Bank (UOB) Limited is managing the issue.
The company is expected to attain a market capitalisation of S$67.9 million based on the placement share count of 242.5 million shares. It reported net loss and net operating cash outflows of S$2.78 million, and S$1.72 million respectively as of the half-year 2018. Its total cash and cash equivalents position as of the half-year 2018 stood at S$645 million.
Founded in 2009 as Clearbridge Biomedics Pte Ltd, the company was converted into a public company under the new name Biolidics Limited on 01 November 2018.
Public-listed Clearbridge Health Limited’s wholly-owned subsidiary called Clearbridge BSA currently has a direct ownership stake of 28 per cent in Biolidics and an indirect interest in approximately 12 per cent. Post-IPO listing, Clearbridge BSA will hold a direct and indirect interest of 24.8 per cent and 10.7 per cent respectively.
The other strategic shareholders in Biolidics Limited include SEEDS Capital Pte Ltd., and Professor Xie Tian. SEEDS Capital is wholly-owned by SPRING Equity Investments Pte Ltd under Enterprise Singapore. Professor Xie is currently the Dean of the Department of Medical Oncology, Holistic Integrative Oncology Institute and Holistic Integrative Cancer Centre of Traditional Chinese and Western Medicine in Hangzhou Normal University.
Biolidics owns patented medical diagnostic device, ClearCell FX1 System, which focuses on the separation and enriching of cancer cells from blood.
The company seeks to use its public-listing status to expand its clinical services applications and customer segment. It also hopes to expand its pipeline products and scale up its manufacturing of biochips through the funding received from the SPRING Singapore Capability Development Grant.