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MDx Health Launches Equity Offering

By a GenomeWeb Staff Reporter

NEW YORK (GenomeWeb News) – MDx Health has launched an equity offering to raise €6 million ($8.5 million).

The offering, launched today, is in the form of a private placement with certain investors, and the size may be increased beyond the €6 million target, MDx Health said.

Its board has canceled the preferential subscription right of the existing shareholders in the framework of the transaction, it added.

Net proceeds will be used to hasten product development in line with the firm's new strategy, to create a CLIA laboratory, and to hire a sales and marketing team in the US.

During the summer the company switched to being a molecular diagnostics development firm from its former business model as a basic research firm.

Kempen & Co., and Nomura Code Securities are joint lead managers and joint bookrunners, and ING Belgium is the co-lead manager for the private placement. The offering is structured as an accelerated bookbuilding process to establish the offer price and the final size of the placement. The accelerated bookbuilding process started immediately and is expected to close on April 5.

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