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NuSep Begins Offering to Raise $2.2M

By a GenomeWeb staff reporter

NEW YORK (GenomeWeb News) – Bioseparations firm NuSep today began offering shares aimed at raising A$2.1 million ($2.2 million).

The company, which has offices in Sydney and Atlanta, will offer 21 million shares at A$.10 per share. The offering expires July 29.

In its prospectus, the company said that if A$1.5 million is raised from the offering, A$200,000 would go toward the marketing of gels and IQ software. A further A$1.3 million will be invested into a plasma project involving SingPharm in Singapore, which is using NuSep technology to manufacture therapeutic plasma products, and for general corporate purposes.

If A$2.1 million is raised, A$500,000 will be used for marketing of gel products and IQ software with the balance going toward the Singapore plasma project and general corporate purposes.

NuSep also plans to offer a bonus option to existing shareholders in order to raise funds for its SpermSep clinical trial, to market its gel products and IQ software, and for general corporate use. SpermSep is a NuSep technology for sperm separation for in vitro fertilization.

Under the bonus option, which is subject to shareholder approval at a general meeting on Aug. 31, company shareholders will be given one bonus option for every two shares of NuSep. Each bonus will convert to one share upon exercise of the option.