logo-loader
viewCellmid Limited

Cellmid seeks further $1 million in SPP to follow $6 million placement

The SPP is offered to shareholders who at the record date on April 6 had a registered address in Australia or New Zealand.

Cellmid Limited - Cellmid offers shareholders opportunity to participate in $1 million SPP
Funds will support the roll-out of the Wondfo Biotech COVID-19 diagnostic test

Cellmid Ltd (ASX:CDY) is offering shareholders the opportunity to subscribe for shares under a $1 million share purchase plan (SPP) at an issue price of 22 cents following a successful placement that raised $6 million.

The SPP is offered to shareholders who at the record date of 7pm (Sydney time) on April 6 had a registered address in Australia or New Zealand.

The 22 cents issue price is a 33.85% discount to the volume average market price of shares traded on ASX in the five days up to the close of trading on April 1, which is the same price offered under the placement completed on April 7.

Funds to roll out COVID-19 test

Proceeds from the placement and SPP will be used to fund the roll-out of the Wondfo Biotech manufactured COVID-19 diagnostic test as well as for general working capital.

This will enable eligible shareholders, regardless of the number of shares they hold in the company, to subscribe for their choice of any one of the following parcels of shares:

  • 9091 shares for the total amount of A$2000.02;
  • 22,727 shares for the total amount of A$4,999.94;
  • 45,455 shares for the total amount of A$10,000.10;
  • 68,182 shares for the total amount of A$15,000.04;
  • 90,909 shares for the total amount of A$19,999.98;
  • 113,636 shares for the total amount of A$24,999.92; and
  • 136,363 shares for the total amount of A$29,999.86.

However, eligible shareholders who participated in the company’s SPP in October 2019 cannot subscribe for more than a combined $30,000 in shares across both the 2019 SPP and this SPP.

First shipment received

Cellmid this week received its first shipment of 12,000 Wondfo Biotech SARS-CoV-2 rapid diagnostic tests in Sydney.

This point of care test (POCT) detects antibodies to the SARS-CoV-2, which is the virus causing COVID-19.

The presence of antibodies to SARS-CoV-2 confirms exposure and is likely to convey immunity to COVID-19.

Cellmid expects the Wondfo POCT to be largely used to facilitate return to work programs.

The current shipment is intended to be sold to medical practitioners subject to the completion of internal testing.

A limited number of tests will be held for external testing and research purposes.

Several hundred enquiries and expressions of interest have been received by Cellmid to supply the Wondfo POCT to medical practitioners, hospitals and research groups.

The company is evaluating these requests and will be completing confirmatory testing in preparation for placing its second order with the manufacturer.

Quick facts: Cellmid Limited

Price: 0.12 AUD

ASX:CDY
Market: ASX
Market Cap: $15.03 m
Follow

Add related topics to MyProactive

Create your account: sign up and get ahead on news and events

NO INVESTMENT ADVICE

The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...

In exchange for publishing services rendered by the Company on behalf of Cellmid Limited named herein, including the promotion by the Company of Cellmid Limited in any Content on the Site, the Company receives from...

FOR OUR FULL DISCLAIMER CLICK HERE

Watch

Cellmid Limited to supply rapid diagnostic tests to help in new pandemic

Cellmid Limited (ASX:CDY) CEO Maria Halasz tells Proactive's Andrew Scott they've signed an agreement to supply rapid diagnostic tests (RDT), with products expected to arrive in the country by early April. The test uses a virus-specific detection method that delivers results anywhere between...

on 30/3/20

2 min read