NEW YORK (GenomeWeb News) - Epigenomics said today that it has placed 2,671,088 new shares at an issue price of €1.94 per share, raising gross proceeds of €5.18 million ($6.6 million).
A subsidiary of BB Medtech and funds managed by Abingworth subscribed for all the new shares. The transaction will double the BB Medtech group's stake in Epigenomics to about 14.9 percent from about 7.4 percent, making it the second largest shareholder in the firm after Federated Investors. Funds managed by Abingworth will own about 11.1 percent of the company's shares.
The €1.94 issue price was a 5 percent premium over the volume-weighted average of the share price over the five trading days preceding the announcement of the placement.
Epigenomics said it plans to use the proceeds to develop and commercialize its blood-based molecular diagnostic for the early detection of colorectal cancer.
The company will also use the capital for clinical research and product development in its lung cancer and prostate cancer programs.