NEW YORK (GenomeWeb News) – MDx Health today announced it has raised €8.2 million ($11.7 million) in gross proceeds from a private placement of new shares with investors.
Net proceeds from the financing round, which exceeds the company's target of at least €6 million announced on Monday, will go toward accelerating the development of new products in line with its business restructuring to concentrate on the molecular diagnostics space. MDx Health also will use the funds to set up a CLIA laboratory and hire a sales and marketing firm in the US.
Pursuant to the private placement, the Liege, Belgium-based firm will issue approximately 5.4 million new ordinary shares at an offer price of €1.50 per share, it said.
"In combination with our existing cash position, these funds allow us to accelerate the executive of our new business strategy and establish a US presence in the short term," Jan Groen, CEO of MDx Health, said in a statement.