Biocartis, the Belgian molecular diagnostics company, has raised €55.5m in equity by private placement of five million shares. The biotech specialist said it will use the funding to grow its Idylla platform. Idylla is an automated RT-PCR machine that performs quick automated preparation, amplification and detection of samples.
Biocartis has allocated the net proceeds to fund the expansion of the Idylla test menu and applications, its corporate activities and increasing its cartridge manufacturing capacity.
This news comes after Biocartis released its 2018 accomplished business objectives. These objectives and the use of its new share funds surround similar themes, including expanding the Idylla system and increasing cartridge manufacturing. This shows the company aims to use the funds to build on the existing momentum of the product.
Prior to the private placement, Biocartis had stated it aimed to make about €45m, exceeding it by over €10m.
Ewoud Welten, Biocartis CFO, commented: "Today's oversubscribed private placement further strengthens the capitalisation of Biocartis. We are pleased to see that even in challenging market conditions, both existing and new international institutional investors continue to support Biocartis in the further execution of its business plan.