Gradientech closes US$4.6 million rights issue
Biotech firm Gradientech has concluded a fully subscribed rights issue, raising US$4.6 million. The capital raised is expected to support the company's growth and product development.
Swedish biotech company Gradientech announced on April 3, 2019, that it has completed a fully subscribed rights issue, raising a total of US$4.6 million (SEK 42.5 million). Erik Penser Bank AB served as the financial advisor for the transaction.
The capital injection was subscribed to by both existing shareholders and new investors introduced by the financial advisor. Bird & Bird Lawyers provided legal counsel for the company.
While specifics on the fund allocation were not detailed, such capital raises typically support further research and development, market expansion, or operational scaling. Gradientech's focus is on developing diagnostic solutions for the rapid identification of bacterial infections.
The company's primary product under development is the QuickMIC® system, which aims to significantly reduce the time required for diagnosing bacterial infections in clinical settings. This faster diagnostic capability is intended to enable quicker patient treatment and combat the rise of antibiotic resistance.