Cellmid Ltd - Cellmid share placement raises $6m to fund SARS-V-2 diagnostic test roll out
Cellmid Ltd (ASX:CDY)

Cellmid share placement raises $6m to fund SARS-V-2 diagnostic test roll out


What's happened?

Cellmid Limited (ASX:CDY) has raised $6 million (before costs) via a share placement from institutional and sophisticated investors.

What are the key highlights?

  1. The Placement will result in the issue of approximately 27.3 million fully paid ordinary shares at 22 cents each.
  2. Existing shareholders will have the opportunity to participate on the same terms via a Share Purchase Plan targeting an additional $1.0 million.
  3. Proceeds raised under the offer will be used to fund the roll out of the Wondfo SARS-V-2 diagnostic test.
  4. Of the total shares issued under the Placement, 17% ($1 million) will be issued to Directors Dennis Eck ($950,000) and Maria Halasz ($50,000), subject to approval at an upcoming General Meeting of shareholders.

CEO's Summary

Maria Halasz

"Learning from countries that managed the coronavirus infections well it is clear that widespread COVID-19 testing, isolation of those testing positive and early treatment are the best methods to control the spread of infection, while saving lives and medical resources. We are excited to be able to contribute to Australia’s comprehensive effort to manage this pandemic." - 27th March 2020.

Maria Halasz
CEO, Cellmid Ltd

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