Bioniche Life Sciences
Bioniche Life Sciences is a research-based, technology-driven Canadian biopharmaceutical company that discovers, develops, manufactures, and markets proprietary products for human and animal health markets worldwide
Bioniche completes placing in Australia ahead of secondary IPO on the ASX
Canadian biopharmaceutical company Bioniche Life Sciences (TSX: BNC) confirmed this morning that it had completed an offer of 8.6 million Chess Depositary Instruments (CDI’s) with investors in Australia, raising A$12.5 million (gross).Â TheÂ placement, completed at AUD$1.45 per CDI is part of the company’s plan to list on the Australian Stock Exchange (ASX) on or around the 10th January.Â The company’s stock code on the ASX will be BNC.
In addition to the placement and secondary listing on the ASX, Belleville, Ontario based Bioniche recently raised CAD$16.7 million through the placement of 11.5 million shares at CAD$1.45 per share in December.
Upon completion of the Australian Offer, Bioniche will have 100.3 million Common Shares issued and outstanding, of which 8.6 million will be represented by an equal number of CDIs to allow Australian shareholders to trade their shareholding through the Australian CHESS system.
Â This represents aÂ market capitalization of approximately CAD$150 million based on a closing price of CAD$1.50 per share.
“We are pleased with the outcome of these financings and we welcome the many new investors who have joined us in both jurisdictions,” said Graeme McRae, Chairman, President CEO of Bioniche Life Sciences Inc. “We also appreciate the confidence of the numerous existing shareholders who took part in the Offers. We look forward to utilizing the proceeds to accelerate corporate growth.”
Bioniche intends to use the funds raised to expand its manufacturing capacity for Urocidina, undertake a field trial in the US of its Econichea, complete the development of its food safety vaccine for Salmonella, and for various other ambitions and general working capital.
Bioniche is focused on the discovery, development, manufacturing, and marketing of proprietary products for human and animal health markets worldwide.
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