Cervical cancer technology company, TruScreen Limited (TRU: NZAX) advises that it has successfully completed its Share Purchase Plan (SPP) offer, after receiving strong support from existing shareholders.
TruScreen will issue 5,609,375 ordinary shares at NZD 16 cents each, totalling $897,500 in new capital.
The SPP was the second stage of TruScreen’s equity capital raising programme and followed the successful $4.09 million placement to wholesale investors which was completed on 24 March 2017.
Chairman of TruScreen, Mr Robert Hunter, said: “We are very pleased with the support we have received from our existing shareholders, reflecting their confidence in our strategy”.
“The potential market opportunity for our cervical cancer technology is significant and we are working hard to refine our second generation device and gain adoption in government and major private screening programs.”
The new capital will be used to strengthen TruScreen’s balance sheet, refine our product, fund sales and marketing initiatives, expand manufacturing capabilities and continue to improve the performance of our technology. In particular, funds will be used to:
• Prepare for anticipated commercial opportunities in China and India;
• Expand commercial growth in European and Latin American markets;
• Fund clinical and familiarization trials as required for product improvement and acceptance in Government programmes;
• Expansion of manufacturing facilities and supply capabilities;
• Build-up of inventory;
• Continued product and IP refinement
The SPP closed on 26 May 2017 and shares will be allotted on 2 June, 2017.
For more information visit www.truscreen.com or contact Alvaro Garcia, Manager of Marketing and Corporate, eMail: email@example.com
TruScreen’s real time cervical cancer technology utilises a digital wand which is placed on the surface of the cervix to measure electrical and optical signals from the surrounding tissue. A sophisticated proprietary algorithm framework distinguishes between normal and abnormal (cancerous and precancerous) tissue to identify precancerous change, or cervical intraepithelial neoplasia (CIN). A Single Use Sensor (SUS) is used for each patient to protect against cross-infection.