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Biocartis Raises €55.5M in Equity Placement

NEW YORK (GenomeWeb) – Belgium-based Biocartis said late Wednesday that it raised 55.5 million ($63.1 million) in gross proceeds through a private placement via an accelerated bookbuild offering of 5 million new shares. The firm said earlier the same day it sought to raise €45 million in the equity placement, then increased it to €55 million.  

Biocartis said it sold the shares at an issue price of €11.10 each, and that the total 5 million shares represent approximately 10 percent of its outstanding shares.

Biocartis plans to use the proceeds to fund the expansion of the Idylla testing menu and applications, its sales and marketing activities, further investments in its cartridge manufacturing capacity, and for working capital and other general corporate purposes.

"[The] oversubscribed private placement further strengthens the capitalization of Biocartis," Biocartis CFO Ewoud Welten said in a statement. "We are pleased to see that even in challenging market conditions, both existing and new institutional investors continue to support Biocartis in the further execution of its business plan."

Berenberg Bank, KBC Securities, and Kempen acted as joint bookrunners on the offering. In relation to the offering, Biocartis has agreed with its joint bookrunners to a market customary 90-day standstill period on future share issuances, waivable by the joint bookrunners to customary exceptions.

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