Medical tech firm Biolidics set for SGX Catalist debut

A logo of the Singapore Stock Exchange (SGX) is pictured outside its premises in the financial district of Singapore April 23, 2014. REUTERS/Edgar Su/Files

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.

Source: Company Product Highlights Sheet

 

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.

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.