BioNexus Gene Lab Marks Growth with Successful Public Offering Completion
In a significant development for the healthcare and industrial sectors in Southeast Asia, BioNexus Gene Lab (Nasdaq:BGLC) has announced the successful completion of a public offering of its common stock. The company, known for its pioneering work in non-invasive liquid biopsy tests for early diagnosis and personalized health management, has completed this offering with a total of 1,437,500 shares of common stock issued. This includes an over allotment option, which was exercised in full to cover an additional 187,500 shares.
The offering was priced at $4.00 per share for total gross proceeds of $5.75 million, before deducting underwriting discounts, commissions and offering expenses. The company’s common stock debuted on the NASDAQ Capital Market on July 20, 2023 under the ticker symbol “BGLC”. Legal counsel for the offering was Ortoli Rosenstadt LLP and VCL Law LLP represented the underwriters.
BioNexus Gene Lab is at the forefront of the healthcare industry with its innovative approach to disease detection. Its non-invasive blood tests are designed to detect RNA changes that indicate potential risk for 11 different diseases. The goal of this technology is to reduce treatment costs and improve patient management through early detection of disease risk. Beyond healthcare, BioNexus, through its subsidiary Chemrex Corporation Sdn Bhd., continues to be a key player in the supply of chemical raw materials essential to a wide range of industries. These include the industrial, medical, appliance, aerospace, automotive, mechanical and electronics sectors, with a presence in Malaysia, Indonesia, Vietnam and other countries in the Southeast Asia region.
The company’s recent efforts reflect a strong commitment to advancing healthcare diagnostics and meeting the industrial needs of the region. Through its efforts, BioNexus is demonstrating its dedication to improving health outcomes and contributing to the economic development of Southeast Asia through its business operations.
The completion of the IPO is a notable achievement for BioNexus Gene Lab and signals a period of growth and expansion. Its innovative liquid biopsy tests and its influence in the chemical raw materials market underscore its commitment to improving health management and supporting various industries in Southeast Asia. With its successful entry into the public market and ongoing projects, the company is poised to play a pivotal role in its mission to provide advanced healthcare solutions and industrial support in the region.
Source link
