NEW YORK (GenomeWeb) – Epigenomics said today that it plans to raise approximately €5.5 million ($6.5 million) in a private share placement.
The Berlin-based molecular diagnostic firm said that it will increase its share capital in the amount of €1.28 by issuing approximately 1.28 million new registered shares against contribution in cash. The share issue price has been set at €4.28 per share.
Epigenomics said that the capital increase was fully subscribed by institutional investors from Germany and the US. Following registration of the capital increase the company's subscribed capital will increase to €24.1 million.
Subject to the registration of the capital increase with the commercial register, the admission of the new shares to the Frankfurt Stock Exchange is expected during October.
Epigenomics said it intends to use the net proceeds from the offering to finance its current operations and to expand its US commercialization capacities for its lead product, Epi proColon, a US Food and Drug Administration-approved screening test for colorectal cancer.