BARD1 Life Sciences capital raise and board appointments

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Perth-based BARD1 Life Sciences (ASX:BD1), a medical technology company developing non-invasive cancer diagnostics, has updated investors on a number of initiatives.

The initiatives include a $7.5 million capital raise package, the addition of health care industry experience to its board, plans to expand the management team and relocate to the east coast.

The company said the relocation would enable it to access Australia’s leading pharmaceutical and life sciences executive talent.

BARD1 is working on the development and commercialisation of its proprietary biomarker platform with a focus on its auto-antibody tests for early detection of ovarian, breast and lung cancers.

It has confirmed the appointment of Max Johnston and Philip Powell to its board.

Mr Johnston was president and CEO Johnson & Johnson Pacific for 11 years and is a current non-executive director of PolyNovo (ASX:PNV), Medical Developments International (ASX: MVP), CannPal (ASX:CP1) and ProLife Foods NZ.

Mr Philip Powell is a Chartered Accountant with extensive experience in investment banking, specialising in capital raisings, initial public offerings (IPOs), mergers and acquisitions.

According to CEO Dr Leearne Hinch, enhancing the company’s financial capacity and strengthening its board is a major step in enabling it to deliver on its growth strategy.

“BARD1 has a clear vision to build a leading Australian cancer diagnostics company and the initiatives we have outlined today are a significant step towards realising that vision,” said Dr Hinch.

“The strong support from institutional investors has significantly enhanced BARD1’s financial position, enabling us to accelerate the commercialisation of our existing diagnostic pipeline and implement key strategic initiatives aimed at broadening our cancer diagnostic portfolio and delivering life-saving diagnostic solutions.

“Importantly, we have added two highly experienced Board members with a track record of success in the health care sector and plan to relocate to the east coast and further strengthen the management team.

“These initiatives well position the Company as we seek to execute on our growth strategy to further transition BARD1 from a science based company to a commercial enterprise, and I greatly look forward to working with the expanded Board and our new cornerstone investors to deliver on the potential we have to build the business and shareholder value,” added Dr Hinch.