Universal Biosensors has secured AUD 25.2 million ($18.06 million) in net proceeds from a previously announced entitlement offer and institutional placement.

The Australian medical diagnostics company said that it now has nearly AUD $35 million of cash in the bank.

Universal Biosensors had offered the right to existing eligible shareholders to take part in a non-renounceable pro rata entitlement offer of new chess depositary interests (CDIs) at AUD 0.77 per new CDI and at a ratio of 1 New CDI for every 6.85 existing CDIs held on 27 April 2022.

John Sharman — Universal Biosensors CEO said: “We understand that the recent share market volatility has created some uncertainty amongst shareholders and investors, but UBI is now extremely well-funded and has an outstanding portfolio of global opportunities.

“We are making excellent progress and look forward to reporting our successes to you soon.”

Established in 2001, Universal Biosensors is engaged in designing and developing electrochemical cells (strips) that are used in conjunction with point of use devices that find application in different industries like the point of care healthcare, wine, agriculture, and food.

  Australia, John Sharman, Medical device industry, Universal Biosensors