Bird & Bird is pleased to have advised Genetic Signatures Limited, an Australian Securities Exchange listed and Australian-based global molecular diagnostics company, on its successful placement and rights issue to raise approximately AUD$16 million (“Capital Raise”).
The Capital Raise was constituted by an AUD$8 million institutional placement and a fully underwritten AUD$8 million pro-rata non-renounceable rights issue to existing shareholders.
Proceeds from the Capital Raise will be used to fund growth initiatives including US regulatory clearances, US product launches, new instrument development and working capital.
Bird & Bird's team was led by Corporate partner Chris Clarke supported by associate Carl Ritchie.
Chris Clarke comments: “We were delighted to assist Genetic Signatures on this important capital raising, which proves that good businesses can still attract funding notwithstanding difficult capital markets.”
