Substantial Take-up of Rights Issue Shortfall

21-Jan-2020

Sienna Cancer Diagnostics Ltd (ASX:SDX) (“Sienna” or “the Company”), is pleased to announce a substantial take-up of shortfall shares following the closure of the Non-Renounceable Rights Issue Offer

ASX RELEASE

Substantial Take-up of Rights Issue Shortfall

 

Melbourne, Australia, 21 January 2020: Sienna Cancer Diagnostics Ltd (ASX:SDX) (“Sienna” or “the Company”), is pleased to announce a substantial take-up of shortfall shares following the closure of the Non-Renounceable Rights Issue Offer (Rights Issue).

The Rights Issue provided eligible shareholders with the opportunity to purchase new ordinary shares at 3.5 cents per share. The maximum amount able to be raised via the Rights Issue is $2,529,233. A total of $266,587 was raised from existing shareholders, representing 7,616,789 shares, leaving a shortfall balance of 64,647,004 ordinary shares. Prior to launching the Rights Issue, the Company entered into an agreement with Merchant Corporate Advisory Pty Ltd to place shortfall shares with institutional and sophisticated investors. Since the closure of the Rights Issue, Sienna has received applications for a further 51,112,715 ordinary shares, raising an additional $1,788,945. The amount raised to date via the Rights Issue is $2,055,532.

Sienna’s directors retain the right to place the balance of shares available under the Rights Issue within 3 months from the closure of the Rights Issue, 17 December 2019, in accordance with the terms announced to the ASX on 6 December 2019.

Together with the funds raised from a placement to sophisticated and institutional shareholders in December 2019, a total of approximately $3.7 million, before directly related expenses, has now been raised.

Sienna’s CEO and Managing Director, Carl Stubbings, commented “These funds, combined with cash already on hand, place the Company in a strong financial position to execute the strategies outlined in our recent update, providing significant benefits for patients and building value for our shareholders.”

 

ENDS

 

For further information, please contact:



Geoffrey Cumming, Chairman

Sienna Cancer Diagnostics Ltd

gcumming@siennadiagnostics.com.au

+61 3 8288 2141

Carl Stubbings, CEO/Managing Director

Sienna Cancer Diagnostics Ltd

cstubbings@siennadiagnostics.com.au

+61 3 8288 2141

 

The release of this announcement was authorised by Tony Di Pietro, Company Secretary.

 

 

About Sienna Cancer Diagnostics

Sienna Cancer Diagnostics Ltd is an Australian medical technology company with operations in the United States, Europe, Asia, Latin America and Australia. Sienna’s strengths lie in the identification, development and commercialisation of novel IVD technologies that satisfy an unmet clinical / market need. The Company has taken its first product, an IVD test for the biomarker hTERT, from research, through development, manufacturing, product registration, and market launch through a growing network of distribution partners.

The Company is focused on growing revenues from the existing product, increasing market access through new distribution partners, extending the applications for their hTERT test, and expanding their product offerings with the addition of new technologies into the product development pipeline.

Sienna’s most recent technology acquisition was a unique technology for the capture and isolation of target analytes in liquid biopsy samples. The sample preparation technology, known as SIEN-NET™, can more accurately and rapidly prepare samples for the liquid biopsy testing of a range of clinically useful biomarkers including exosomes, lipids, proteins, and other molecular targets of interest.

Forward Looking Statements

This announcement may contain forward-looking statements, which include all matters that are not historical facts. These forward-looking statements speak only as at the date of this announcement. These statements, by their nature, are subject to a number of known and unknown risks and uncertainties that could cause the actual results, performances and achievements to differ materially from any expected future results, performance or achievements expressed or implied by forward-looking statements. Without limitation, indications of, and guidance on, future earnings and financial position and performance are examples of forward-looking statements. No representation, warranty or assurance (express or implied) is given or made by Sienna that the forward-looking statements contained in this announcement are accurate, complete, reliable, or adequate or that they will be achieved or prove to be correct. Except for any statutory liability which cannot be excluded, each of Sienna, its related companies and their respective directors, employees and advisers expressly disclaim any responsibility for the accuracy or completeness of the forward-looking statements and exclude all liability whatsoever (including negligence) for any direct or indirect loss or damage which may be suffered by any person as a consequence of any information in this presentation or any error or omission therefrom.

VIEW THE ASX ANNOUNCEMENT HERE


 
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