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MDxHealth Raises $15.4 Million in Private Stock Offering

NEW YORK (GenomeWeb) – MdxHealth announced today that it has raised €12.3 milllion ($15.4 million) in a private placement. The firm sold 3.4 million shares at €3.60 per share to a group of institutional, qualified and professional investors.

"In combination with our existing cash position, these funds allow us to support and scale up MDxHealth's US-based managed care and related healthcare reimbursement efforts," Jan Groen, CEO of MDxHealth, said in a statement. "In addition, it will allow us to accelerate product development and finance general corporate purposes."

Petercam was the sole lead manager and book runner in the placement.

The announcement comes a day after MDxHealth reported Q3 revenues were up 78 percent year over year, driven by growth in its prostate cancer molecular diagnostic test, ConfirmMDx. It also announced the private placement on Tuesday.

MDxHealth is a molecular diagnostics company with offices in Herstal, Belgium and Irvine, Calif., and develops epigenetic tests for cancer assessment.