BCAL Diagnostics set to begin trading on ASX after raising $7.3m in IPO

BCAL Diagnostics is set to list on the Australian Securities Exchange (ASX) after an initial public offering that saw the Sydney-based breast cancer screening and diagnostic company raise AUD 10 million ($7.33 million) from investors.

The IPO offer saw BCAL Diagnostics issue 40 million new shares at 25 cents per share, valuing the company at AUD 51.7 million.

BCAL Diagnostics is engaged in developing a non-invasive laboratory blood test for breast cancer detection. Its core technology is said to have progressed from vast research and investment over nearly 10 years by independent groups in the US and Australia. The groups by using a defined methodology, could show that breast cancer patient samples have considerably different lipid profiles compared to healthy volunteers and lung cancer patients.

The company said that it will initially pursue Australian regulatory approval for its breast cancer diagnostic product for complementing traditional mammography.

The diagnostic test is aimed at opening new approaches for the screening of breast cancer.

BCAL Diagnostics stated: “Following a successful domestic launch of the test as a diagnostic alongside traditional mammography, BCAL will seek further clinical data both to support broader uses of the technology domestically and consider appropriate pathways to markets in other jurisdictions.”

The breast cancer screening and diagnostic company has joined forces with GenesisCare’s Clinical Research Organisation (CRO) to carry out clinical research needed for regulatory approvals in various jurisdictions, commercialization, as well as market entry points for its products.