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Biocartis Raises €80 Million in Equity Placement

This article has been updated with additional information from Biocartis.

NEW YORK (GenomeWeb) – Biocartis announced today that it has raised €80 million ($94.7 million) through a private placement via an accelerated bookbuild offering of 6.4 million new shares.

The firm said it sold the shares at an issue price of €12.50 each, and that the total 6.4 million shares represent approximately 14.3 percent of its outstanding shares.

Belgium-based Biocartis said it will use the net proceeds to fund expansions of its Idylla test menu, its sales and marketing activities, and its cartridge manufacturing capacity, as well as for working capital and other general corporate purposes.

JP Morgan, Degroof Petercam, KBC Securities, and Kempen acted as joint bookrunners.

When it announced the initiation of equity placement earlier today, Biocartis also said that Genomic Health planned to submit an order to the joint bookrunners for €4 million in connection to the recent collaboration announced between Biocartis and Genomic Health. The two firms announced in September that they plan to jointly develop an in vitro diagnostic version of Genomic Health's Oncotype DX breast cancer test on the Idylla platform, with the option to expand the collaboration to include additional tests in oncology and urology.

"The significant amount raised in today's private placement is an important milestone for Biocartis in securing funds for the further execution of its plans. We were pleased to see a bookbuilding process that combined solid demand from existing shareholders with strong interest from new local and international institutional investors wanting to invest." Biocartis CFO Ewoud Welten said in a statement. "We see the support expressed today by investors as a complement to our teams and partners, both working on making personalized medicine an everyday reality."

As a result of the issuance of new shares, the company said its share capital will increase to €510,697 from €446,697, and its issued and outstanding shares will increase to about 51.1 million ordinary shares from about 44.7 million ordinary shares.