TruScreen aims to raise NZ$3m for expansion

TruScreen has announced the launch of a capital raising initiative, aiming to raise approximately NZ$3 million.

The company said the capital raise will consist of a placement to institutional and select investors, as well as a share purchase plan for eligible shareholders.

The placement is expected to raise up to NZ$1.78m, while the share purchase plan has a target of NZ$1.22m.

TruScreen said the funds raised will be used for strategic initiatives, including expanding its presence in the Chinese market, executing cervical cancer screening programmes in Vietnam, Zimbabwe, and Uzbekistan, and developing the Indonesian, ASEAN, and Indian markets.

The company also said it has made significant progress in the financial year, including signing a memorandum of understanding with Hangzhou Dalton Bioscience, launching a cervical cancer screening programme in Ho Chi Minh City, and receiving approval for use in the Mexico public health system.