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Clearbridge associate completes fundraising exercise, appoints advisers for potential IPO
CLEARBRIDGE Health on Thursday said its associated company, Clearbridge BioMedics, has completed its fundraising exercise.
The S$6.6 million raised will be used to set up laboratory-developed tests using Clearbridge BioMedics' technology for clinical applications, as well as to finance the potential listing of Clearbridge BioMedics.
Clearbridge BioMedics has appointed professional parties to advise on its potential listing.
Clearbridge Health said that in conjunction with the fundraising exercise and to simplify the capital structure of Clearbridge BioMedics, all preferred shares and convertible securities were converted to ordinary shares in Clearbridge BioMedics.
Following the completion of the fundraising exercise and the conversion of preferred shares and convertible securities, Clearbridge Health's shareholding interest in Clearbridge BioMedics has decreased from 39.7 per cent to 31.3 per cent.
Clearbridge BioMedics is a specialist in non-invasive liquid biopsy for real-time analysis of cancer cells from a standard blood draw.
Jeremy Yee, executive director and CEO of Clearbridge, said: "We had made it clear since our group's initial public offering (IPO) that we planned to expand our internal capabilities in laboratory testing as well as enhance our delivery and promotion of precision medicine in the region. We had also consistently reiterated that we were focused on value creation for our shareholders through the potential monetisation of certain assets.
"In this regard, Clearbridge BioMedics has appointed professional parties to advise on its potential IPO. We are very encouraged that the recent developments at Clearbridge BioMedics have enabled us to fulfil these twin objectives."