Biolidics selling 27.5 mil new shares at 28 cents each in conjunction with Catalist listing

Biolidics selling 27.5 mil new shares at 28 cents each in conjunction with Catalist listing

By: 
PC Lee
11/12/18, 06:23 pm

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.

US sanctions on Huawei could backfire

SINGAPORE (May 27): It was only to have been expected. After nearly a year of pressure that failed to stop Huawei Technologies Co’s expansion -- especially in the rollout of the next generation 5G wireless network globally -- in its tracks, US President Donald Trump signed an executive order effectively barring American firms from doing business with the Chinese telecommunications equipment company. The inclusion of Huawei on the US Department of Commerce’s Bureau of Industry and Security’s (BIS) Entity List means that companies would need to apply for a waiver to supply goods with 25....
Read More >>

Annica chairman Ong quits just as $33 mil goes missing at his law firm JLC

SINGAPORE (May 27): Jeffrey Ong, managing partner of law firm JLC Advisors, may have given instructions to pay out a sum of $33.2 million held in escrow by his firm for a client, Allied Technologies. According to Allied’s statement filed with Singapore Exchange on May 23, the payment may have been “unauthorised”, citing a letter it received from JLC on May 22. Allied’s statement did not specify who the payment was made to. Ong also abruptly resigned as non-executive chairman of Annica Holdings on May 20. In a May 22 filing with SGX, Annica CEO Sandra Liz Hon Ai Ling said Ong resigne....
Read More >>

SGX RegCo sees targeted approach in enforcement, more powerful market discipline

SINGAPORE (May 27): Tan Boon Gin, CEO of stock exchange regulator Singapore Exchange Regulation, says the market can expect a stronger regulatory presence. “You will see a series of enforcement cases coming up quite soon,” he tells The Edge Singapore. Tan’s assertion comes amid significant changes in the market as sentiment remains lacklustre and investors’ expectations change. The local stock market has gone through significant upheaval, not least because of the penny stock crash in 2013 that wiped out some $8 billion in value from the market. The event dented investor sentiment, a....
Read More >>