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MDxHealth Prices IPO of American Depositary Shares

NEW YORK – MDxHealth said on Thursday that it has priced its previously announced initial public offering of American Depositary Shares in the US. The company plans to offer 3,750,000 ADSs, each representing 10 ordinary shares of the company's stock with no nominal value per share, at $12 per ADS.

MDxHealth is hoping to raise total gross proceeds of $45 million before deducting underwriting discounts and commissions as well as estimated offering expenses.

The IPO is expected to close on Nov. 8. MDxHealth said its ordinary shares are currently listed on Euronext Brussels under the symbol MDXH, and that the ADSs are expected to begin trading on the Nasdaq Capital Market on Nov. 4 under the same symbol.

In connection with the offering, MDxHealth has granted the underwriters a 30-day option to purchase additional ordinary shares, which may be in the form of ADSs, on the same terms and conditions, representing up to 15 percent of the total number of ordinary shares offered in the IPO.

Piper Sandler and Oppenheimer are acting as lead bookrunning managers, BTIG is acting as lead manager, and KBC Securities USA is acting as co-manager for the offering.

In a public registration statement filed with the US Securities and Exchange Commission in October, MDxHealth said the principal purpose of this offering is to increase the firm's financial flexibility to fund its growth through the development of its business and products and through the expansion of its menu of tests for prostate cancer and other urologic diseases. It expects to use the net proceeds from the offering to expand commercial operations; to fund research and development efforts to expand the applications of its current tests and to create enhanced urologic testing solutions; and for working capital and general corporate purposes.

The company's shares were up a fraction of a percent to $12.05 in mid-morning trading on the Nasdaq.

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