The company will also conduct a share purchase plan (SPP) for eligible shareholders to raise up to a further $1 million at the same issue price.
Funds raised from the placement and SPP will be used to fund ongoing research and development programs, commercial initiatives and for general working capital purposes.
BARD1 is an Australian life sciences company developing novel diagnostics and therapeutics for unmet needs in cancer.
The company’s proprietary BARD1 Technology is based on BARD1, a potent tumour suppressor in healthy individuals and an important tumour biomarker in cancer.
BARD1’s lead product, the BARD1 Lung Cancer Test, is a non-invasive blood test in development for early detection of lung cancer.
The company is also researching a high-value pipeline of potential diagnostic and therapeutic products for multiple cancers.
BARD1’s research activities are currently performed under a research contract at the University of Geneva (UNIGE).
The company’s business strategy is to focus on leveraging its BARD1 Technology to develop diagnostic tests for early detection of cancer where there are clear unmet needs and product advantages.