Cancer diagnostics group VolitionRx Limited (NYSE:VNRX) has priced its US$12.25mln placing at US$3.25 per share, around a 10% discount to the market price at the time.
The offering is expected to close on or about March 23. Raymond James & Associates is acting as the sole book-running manager for the proposed offering.
VolitionRx added it intends to grant the underwriters an option to purchase an additional 15% of the shares sold in the offering, to cover over-allotments.
The company has developed the NuQ diagnostic test that measures nucleosomes in the bloodstream – an indication that cancer is present.
Results have been encouraging in trials so far for colorectal, lung and prostate cancer with detection rates of over 90%.
The company is currently going through the approval process for a European CE mark and expects a commercial launch of the test this year for clinical use in Europe, with meaningful sales expected to begin in 2017.