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UPDATE: MDxHealth Targeting $12.4M in Private Placement

This story has been updated to reflect that MDxHealth completed its private placement on June 29.

NEW YORK (GenomeWeb News) – MDxHealth has successfully completed a private placement that raised €10 million ($12.4 million).

Pursuant to the placement, the Belgian molecular diagnostics firm said it will issue about 2 million new ordinary shares to Bioinvest Comm. at an offer price of €1.503 and 4.9 million shares to other unnamed investors at an offer price of €1.430.

Net proceeds will be used mainly to support and scale up its US operations including an expansion of its sales and marketing team and its Irvine, Calif.-based CLIA laboratory. Proceeds may also be directed at product development.

In May MDxHealth launched its epigenetic test in the US for prostate cancer in partnership with Plus Diagnostics.

ING Belgium is the global coordinator and is joint bookrunner with Petercam for the placement, which is expected to close on June 29.

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