BARD1 raises $15m for cancer detection tests

BARD1 Life Sciences has secured funds from a share placement to develop tests focused on the early detection of ovarian and breast cancer.

The company, formerly based in South Perth, said it would use most of the $15 million raised to fund the development and commercialisation of its SubB2M tests as well as EXO-NET products, also focused on detecting cancerous cells.

BARD1 relocated to Melbourne mid-last year when it acquired fellow biotech company Sienna Cancer Diagnostics.

The combined group is focused on developing a portfolio of cancer diagnostics and products for healthcare professionals and patients. That includes tests for the early detection of prostate and pancreatic cancers.

Chief executive Leearne Hinch said BARD1 would now focus on its SubB2M programs for breast and ovarian cancer detection.

“The funds raised will accelerate development, validation and planned commercial launch of these products as laboratory developed tests in the US with a laboratory partner in 2023,” she said.

Chairman Geoffrey Cumming said the placement was supported by investors with an understanding of the biotechnology sector and importance of early cancer detection on patient outcomes.

More than 9.6 million shares were issued under the placement, priced at $1.55 each.

The offer represents about a 14 per cent discount to BARD1's last closing price of $1.80 per share.

Bell Potter Securities acted as lead manager to the raise, which was not underwritten.

BARD1 was trading 6.7 per cent lower at 2:18pm AEST to $1.68 per share. Its share priced reached an all-time high in March, of $4.10.