The Board and management of Sienna are pleased to announce the company has raised approximately $1.2 million as a result of recent capital raising activities. The funds were raised via a rights issue offer to existing shareholders, in addition to a placement of shares to select new investors. New ordinary shares issued were priced at $0.17.
The capital raised will provide funding required to execute the 2017 strategy including:
• Driving revenue in markets with existing registration and distribution partners
• Geographical expansion for the telomerase product in its first clinical application (urine cytology adjunct)
• Research & development and clinical partnering for application expansion of telomerase into additional clinical sample / cancer types
• Technology expansion efforts to bring in additional product pipeline opportunities
To achieve the long term strategic plans of the company, Sienna will be seeking to raise further capital through public markets. Shareholders will be kept informed of future developments.
Sienna’s Chief Operating Officer, Matthew Hoskin, commented “The Sienna team is grateful for the continued support from our shareholders, particularly during this pivotal development phase, and is working hard to deliver continued growth in the company’s value”.