Universal Biosensors, Inc. (ASX: UBI) has raised A$12 million through a placement of CHESS Depositary Interests to institutional investors, issuing 13.3 million new shares at an issue price of A$0.90 per CDI.
UBI specialises medical diagnostics company, that is focused on the development, manufacture and commercialisation of a range of in vitro diagnostic tests for point-of-care use.
UBI's managing director Paul Wright would be pleased with the support in a tough capital raising environment.
Funds raised will be used to take advantage of opportunities for UBI’s existing POC initiatives by accelerating new product development in patient self-test PT-INR.
As well as support immunoassay testing, molecular diagnostic testing and provide working capital to support new product launches and growth in manufacturing.
An SPP will follow at an issue price equal to the placement price of A$0.90 per share.
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