NEW YORK — Sienna Cancer Diagnostics said on Friday that it has raised approximately A$1.7 million ($1.1 million) through a previously announced private stock placement.
According to the Melbourne, Australia-based company, it sold 47.3 million shares to institutional and other certain investors at A$.0.35 per share through the private placement. Sienna also plans to offer 72 million new shares to eligible existing shareholders at the same price per share for gross proceeds of A$2.5 million.
Merchant Corporate Advisory is acting as the lead manager and bookrunner on the transactions.
Sienna said it plans to use the new funding to accelerate commercialization of its SIEN-NET molecular capture platform, as well as to support its pancreatic cancer test development partnership with Minomic International and its critical limb ischemia drug alliance with VivaZome. The money will also be used for working capital and the evaluation of potential technologies for acquisition or in-licensing.
Earlier this year, Sienna acquired US-based Sevident's molecular capture platform, which is the foundation of the SIEN-NET platform.