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MDxHealth Plans Private Placement, Signs $9.9M Loan Agreement

NEW YORK — Belgian diagnostics firm MDxHealth said today that it is planning a private placement of an undisclosed number of new shares and that it has signed a senior secured loan agreement valued at up to €9 million ($9.9 million).

The company, which recently reported having $12.2 million in cash and cash equivalents on hand at the end of June, said that the transactions will support its efforts to increase the adoption of its ConfirmMDx and SelectMDx prostate cancer tests with urologists and payors. The money will also be used for general corporate purposes.

MDxHealth said that the private placement would be primarily targeted to a large group of unnamed Belgian and foreign institutional, qualified, and professional investors, with the goal of increasing its share capital by up to 15 percent. Based on the firm's stated share capital of roughly $53.8 million at the end of June, the placement would increase its share capital to around $61.9 million.

MDxHealth said that the issue price per share and the number of new shares placed will be announced once the transaction is completed.

The loan agreement, made with UK-based Kreos Capital, requires that at least €4.5 million is raised through the private placement and is drawn by Nov. 1. It has a 48-month term and an annual interest rate of 9.5 percent.

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