Cancer diagnostics group VolitionRx Limited (NYSE:VNRX) has raised around US$12.8mln from its share placing, which will be used to advance the business, including for clinical studies and product commercialisation.
Last week the group priced its US$12.25mln placing at US$3.25 per share, around a 10% discount to the market price at the time.
The firm issued around 3.7mln shares and a further 565,384 additional stock as the over-allotment option was taken in full.
"VolitionRx intends to use the net proceeds of the offering for continued product development, clinical studies, product commercialization, working capital and other general corporate purposes," it said.
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.