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Optiscan looks to raise $16.7 million through entitlement offer

Manufacturing News

Digital microscopy company Optiscan Imaging has announced the launch of an entitlement offer, aiming to raise as much as $16.7 million for purposes including R&D, clinical studies and working capital.

In a statement on Tuesday morning it said that had lodged a prospectus with ASIC, with an indicative date of July 6 for issuing shares under the offer. The entitlement offer is of one fully-paid ordinary share per three held at the record date of Friday June 2.

Substantial shareholders Peters Investments and Orchid Capital Investments will partially underwrite the offer at $6,950,000 (86,875,000 shares) and $2,863,733 (35,796,663) at the issue price of $0.08 per share. 

Included is a shortfall offer that will remain open as long as three months after the closing date.

Optiscan said it intends to use the funds raised for R&D projects involving “both rigid and flexible surgical applications”, in developing improved image capture, AI and telepathology, and clinical studies “to satisfy the FDA in relation to premarket notification applications for new addressable markets” as well as marketing in the US and working capital.

CEO and Managing Director Dr Camile Farah described Optiscan as “at an inflection point in its history as it accelerates its transformation from an R&D enterprise and OEM (Original Equipment Manufacturer) supplier, to a pure-play medical device manufacturer and digital solution provider.

“As the Company looks forward to its first standalone FDA-cleared medical device, the time is right to unleash the power of our platform digital imaging technology and develop a portfolio of products and services that cater for large addressable markets with a focus on real-time pathology and minimally invasive surgery.”

Optiscan was established in 1994, listed on the ASX in 1997, and specialises in microscopic imaging and related technologies for surgery and medical research.

Picture: credit Optiscan

Further reading

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