MDxHealth Successfully Raises EUR 20.4 million (USD 22.6 million) In Equity Placement
THIS ANNOUCEMENT IS NOT FOR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN THE UNITED STATES OF AMERICA, AUSTRALIA, CANADA, JAPAN, SOUTH AFRICA OR ANY OTHER JURIDICTION WHERE TO DO SO WOULD BE PROHIBITED BY APPLICABLE LAW
IRVINE, CA, and HERSTAL, BELGIUM - November 3, 2016 - MDxHealth SA (Euronext Brussels: MDXH), announced today that it has successfully raised EUR 20,371,329.00 (or USD 22,608,100.92[1]) in gross proceeds by means of a private placement of 4,526,962 new shares at an issue price of EUR 4.50 (or USD 4.991) per share. The closing price of the MDxHealth share on Euronext Brussels on November 2, 2016, before the launch of the private placement, was EUR 4.625 per share. Bank Degroof Petercam SA/NV acted as Sole Lead Manager and Bookrunner for the private placement.
"We are delighted to have raised this additional funding from a mix of investors who share our belief in the commercial potential of our world leading DNA methylation platform," said Jan Groen, chief executive officer of MDxHealth. "In combination with our existing cash position, these funds allow us to support and scale-up our U.S.-based managed care and related healthcare reimbursement efforts, the sales and marketing efforts in the U.S. for ConfirmMDx and SelectMDx, and the sales and marketing and related commercialization efforts in Europe and the rest of the world for SelectMDx. In addition, it will allow us to accelerate the product development of the AssureMDx bladder cancer test, and to finance general corporate purposes."
The payment and delivery of the new shares is expected to take place on November 7, 2016, and an application will be made to admit the new shares to trading on the regulated market of Euronext Brussels at the same time. The new shares to be issued will have the same rights and benefits as, and rank pari passu in all respects with, the existing and outstanding shares of MDxHealth at the moment of their issuance and will be entitled to distributions in respect of which the relevant record date or due date falls on or after the date of issue of the new shares.
As a result of the issuance of new shares, the company's share capital will increase from EUR 36,111,083.86 to EUR 39,722,241.45 and its issued and outstanding shares will increase from 45,269,633 to 49,796,595 ordinary shares.