Cancer diagnostics company, Pacific Edge, has successfully raised $16 million in a placement of new ordinary shares.
The placement, which was well supported by existing shareholders, was priced at $0.10 per share, a premium to the 20-day volume average weighted price.
The company said the funds will be used to capitalise on recent clinical and commercial milestones, grow in non-Medicare channels, and regain Medicare coverage of its tests.
Pacific Edge now plans to open a $5m offer to eligible retail investors through a share purchase plan.
The placement and planned share purchase plan are subject to shareholder approval.
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