NEW YORK (GenomeWeb) – Biocartis announced today that it has launched an equity offering in order to raise about €55 million (US$63 million). It had increased the expected proceeds from €45 million from earlier today.
The Belgium-based firm said the shares are being sold through an accelerated bookbuild offering, under which an equity raise is usually completed within a couple of days. It plans to use the proceeds to fund the expansion of the Idylla test platform and applications, its sales and marketing activities, further investments in its cartridge manufacturing capacity, and for working capital and other general corporate purposes.
Biocartis said it will announce the results of the offering as soon as possible after closing of the bookbuilding in a subsequent press release. Meanwhile, trading of the firm's stock on Euronext Brussels has been suspended during the bookbuilding process.
Joh. Berenberg, Gossler & Co., KBC Securities, and Kempen & Co. are joint bookrunners on the offering.
The firm hasn't reported its full year 2018 financial results yet, but at the mid-point of the year it held €91.3 million in cash and cash equivalents.