TruScreen raises $1.6 mln in share purchase plan

TruScreen raises $1.6 mln in oversubscribed share purchase plan

By Paul McBeth

July 1 (BusinessDesk) - TruScreen, the NZAX-listed cervical cancer test developer, raised $1.56 million in an oversubscribed share purchase plan to help fund its push into Asia.

The Auckland-based company was seeking $1 million through the share purchase plan, but accepted all subscriptions, it said in a statement. The share sale was at 25 cents apiece and accounted for 3.8 percent of shares on issue. The shares last traded at 26 cents.

The share purchase plan was one of two capital raising initiatives, the other being a placement to institutional and professional investors, injecting $4.83 million in total.

"We view these two capital raising initiatives as a dual validation of our commercial strategy by both our institutional and retail investors," chief executive Martin Dillon said. "The new capital raised form these initiatives gives us the ability to continue our expansion of the commercial operations of TruScreen, and build on the extensive success we have had in the past year with our international growth."

Last month, TruScreen reported an annual loss of $692,000 on revenue of $1.57 million. The company has had several breakthroughs in the Chinese market, securing certification from the Chinese Food and Drug Administration and Thailand's Food and Drug Administration and signing two deals that are expected to generate almost $2 million in revenue over the next 14 months.

(BusinessDesk)

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