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Cancer diagnostics firm Biolidics lodges prospectus for Catalist IPO

MEDICAL technology firm Biolidics Limited, a cancer diagnostic solutions developer formerly known as Clearbridge Biomedics, lodged a preliminary prospectus on Friday for a planned initial public offering (IPO) on the Singapore Exchange's Catalist board.

Details of the pricing, amount to be raised, and timing of the offering have not yet been announced. UOB is the sponsor, issue manager and placement agent for the IPO.

An associated company of Catalist-listed Clearbridge Health, Biolidics was incorporated as Clearbridge Biomedics in July 2009 and specialises in developing cell enrichment systems that can be combined with other analytical tests for cancer diagnosis, prognosis, treatment selection and treatment monitoring. Its main product is the ClearCell FX1 System, a fully automated in vitro diagnostic medical device that separates and enriches cancer cells from blood to perform liquid biopsies.

A total of 80 such systems have been installed in academic and research institutes, hospitals and laboratories around the world including Singapore, China, Hong Kong, Japan, the US and some European Union countries, Biolidics said. It is also developing end-to-end diagnostics solutions to integrate its technology with other analytical tests.

Biolidics' unaudited revenue for the first half of 2018 ended June 30 was S$627,000, compared with S$1.2 million for the first half of 2017. For FY2017, revenue was S$2.1 million.

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Net loss for H1 2018 narrowed to S$2.8 million from the S$4.2 million net loss for H1 2017. In FY2017, net loss was S$7.2 million.

The IPO proceeds will be used to develop the clinical applications and clinical services customer segment for Biolidics' products, as it has sold them mainly to academic and research institutions so far. It will also expand its product pipeline through in-house development or investments, mergers and acquisitions, joint ventures and/or strategic collaborations. The remaining proceeds will be used for general corporate and working capital purposes, as well as to pay for IPO expenses.

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