SINGAPORE (Dec 11): Medtech company Biolidics is selling 27.5 million new shares at 28 cents each to retail and institutional investors in a private placement ahead of its listing on the Catalist Board of the Singapore Exchange.

See: Clearbridge Health associate Biolidics lodges prelim prospectus

Incorporated in 2009, Singapore-based Biolidics is a medical technology company focusing on the development of cell enrichment systems which, when combined with other analytical tests, have a wide range of applications for cancer diagnosis, prognosis, treatment selection and treatment monitoring. Biolidics has developed the ClearCell FX1 System, a fully automated IVD medical device which relies on a novel patented technology to separate and enrich cancer cells from blood.

The 27.5 million new shares represent 11.34% of the company’s enlarged share capital of 242.5 million shares immediately after IPO. Biolidics’ market capitalisation is expected to be $67.9 million immediately on listing based on the 28 cents issue price.

Biolidics’ shareholders include Clearbridge Health, the Catalist-listed integrated healthcare group; Seeds Capital, wholly-owned by Spring Equity Investments, which is in turn wholly-owned by Enterprise Singapore, a statutory board under the Ministry of Trade and Industry Singapore as well as Professor Xie Tian, who is Dean of the Department of Medical Oncology, Holistic Integrative Oncology Institute and Holistic Integrative Cancer Center of Traditional Chinese and Western Medicine in Hangzhou Normal University.

Biolidics says $2.7 million from the placement net proceeds will be set aside for the expansion of its clinical services applications and clinical services customer segment while $2.4 million and $1 million will be used to advance its pipeline products and for general corporate and working capital purposes.

The placement will open on Dec 11 and close at 12 noon on Dec 17. Biolidics’ shares will commence trading on a “ready” basis on Dec 19 at 9am.

United Overseas Bank is the sponsor and issue manager and placement agent for the IPO.