The biotechnology company situated in Australia has announced that the non-renounceable Entitlement Offer to raise approximately $3.3 million, closed at 2:00 pm on Monday, 10 December 2018 as per the terms of the Offer. To subscribe for 59,141,273 new Shares from eligible shareholders under the Offer raising $1,184,484.26 the company has received applications. With the fully paid ordinary shares of the company existing, all new shares issued under the Entitlement Issue will rank equally in all respects.
The company entered into a mandate letter as outlined in the Offer Document with Merchant Corporate Advisory Pty Ltd who have agreed under the Mandate to subscribe for and place all Shortfall Shares under the Offer. Dr. Irmgard Irminger-Finger, the Executive Director, has sold 8,599,683 shares in the company and said that to enable her to participate in the company’s non-renounceable rights issue which was announced on 08/11/2018 she has sold the shares.
The company focused on developing non-invasive diagnostics for early detection of cancer to save lives. BARD1 blood tests measure autoantibodies to BARD1 proteins and use an algorithm to give a cancer score. Present in early stages before symptoms appear autoantibodies indicate the body’s early immune response to cancer. Early detection enables earlier treatment, save lives, improves patient outcomes and reduces healthcare costs.
Bard 1 for further expansion of its product portfolio, diversification of its risk profile and enhancing shareholder value, continued with its plan to explore varied corporate and fundraising opportunities. As on September 30, 2018 i.e. at the end of the first quarter, the company has posted a closing cash balance at $1.13m.
BARD1 Life Sciences Limited (ASX: BD1) is trading at a market price of $0.019 which is flat for the day as at December 12, 2018. The market capitalization of the stock is at $15.74 billion as of the date, and the company has witnessed an attractive performance change of 177.45% over the past 12 months.
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