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MDxHealth Raises $23.6M in Private Placement

NEW YORK (GenomeWeb News) – MDxHealth today said that it has raised €18 million ($23.6 million) through a private placement of new shares.

The Liege, Belgium-based molecular diagnostics developer said that it issued 8,737,683 shares at a price of €2.06 per share, the average closing price of the firm's shares on the NYSE Euronext market during the 30 preceding calendar days.

Funds managed by Valiance Asset Management purchased 4,368,932 shares, and Biovest Comm. acquired 2,427,184 of the new shares. The remaining 1,941,747 shares were underwritten by Petercam and are expected to be placed with investors and admitted to listing on the NYSE Euronext Brussels immediately following their issuance.

MDxHealth said it would use the proceeds to support and scale up its US-based CLIA lab, US-based sales and marketing efforts, European and global commercial efforts for its Clinical Molecular Diagnostics and Pharmaco Molecular Diagnostics solutions and services, and to accelerate product development.

MDxHealth CEO Jan Groen said the financing "marks a major milestone in the growth and success" of the company. He highlighted the firm's ConfirmMDx for Prostate Cancer test, which he said is seeing increased demand in the US, adding, "we will expand our commercial efforts by investing in personnel and infrastructure to ensure we are well positioned for new tests emerging from our product pipeline."

The firm recently reported a roughly 53 percent increase in its first-quarter revenues year over year driven by sales of the prostate cancer molecular test.

The most recent financing comes a year after MDxHealth raised €10 million in a private placement.