NEW YORK – MDxHealth on Wednesday priced an offering of $40.0 million of its ordinary shares in a registered public offering.
The Herstal, Belgium-based molecular diagnostics company is selling 20 million ordinary shares at a price of $2 per share. In addition, MDxHealth said a strategic partner is purchasing 1,500,000 ordinary shares in the offering directly from the company rather than through the underwriters. It did not name that partner.
The firm also has granted underwriters a 30-day option to purchase up to an additional 2,775,000 ordinary shares at the offering price. It expects to close the offering on Friday.
TD Cowen and William Blair are acting as joint bookrunning managers for the offering. BTIG and Lake Street Capital Markets are acting as passive bookrunners.
MDxHealth said in a prospectus filed with the US Securities and Exchange Commission that it intends to use net proceeds from the offering for general corporate and working capital purposes, including to fund product development efforts and expansion of its commercialization activities.
The company markets the Select MDx test for prostate cancer, the Confirm MDx test for prostate cancer, and the Genomic Prostate Score.
As of June 30, MDxHealth had approximately $21.3 million in cash and cash equivalents.