Breast cancer screening and diagnostic company BCAL Diagnostics (ASX:BDX) has been listed on the Australian Securities Exchange following an Initial Public Offering that raised $10 million from investors.
The offer saw the issue of 40 million new shares at $0.25 per share. This values the company at $51.7 million.
BCAL is developing a non-invasive laboratory blood test for the detection of breast cancer. The core BCAL technology has evolved from research and investment over approximately ten years by independent groups based in the US and Australia. The research was able to show that breast cancer patient samples contain significantly different lipid profiles from those of both healthy volunteers and lung cancer patients.
BCAL said it initially aims to achieve Australian regulatory approval for its breast cancer diagnostic product to complement traditional mammography, seeking to provide physicians with an increase in the sensitivity of breast cancer detection. The test aims to open new approaches to breast cancer screening, including women who self-exclude for religious or other reasons, noting that mammograms can be painful.
Adding BCAL’s non-invasive test to mammography screening seeks to improve the accuracy of breast cancer detection and reduce the rate of false positives and false negatives. BCAL’s approach looks for a 'fingerprint' of lipid biomarkers in blood that are characteristic of the presence of breast cancer, compared with the lipid profile in the blood of healthy individuals.
Following a successful domestic launch of the test as a diagnostic alongside traditional mammography, the company said it will seek further clinical data both to support broader uses of the technology domestically and consider appropriate pathways to markets in other jurisdictions.
BCAL has partnered with GenesisCare’s Clinical Research Organisation (CRO) to conduct clinical research required for regulatory approvals across several jurisdictions, commercialisation and market entry points for BCAL’s products.
Executive chair Jayne Shaw said, “Our primary goal is to develop this blood test targeting the diagnosis of breast cancer and bring it to the market, at which time we will evaluate the technology and its application in other cancers.
“Mammograms can be painful, difficult to access for certain individuals and have varying levels of accuracy. Our test has shown promising results to date with the aim of improving the accuracy of breast cancer screening in a non-invasive manner.
“Funds from this IPO will pave the way for BCAL to conduct important clinical studies and deliver documentation for regulatory submissions in key jurisdictions. I look forward to sharing in the progress and growth of the Company with our new and existing shareholders as well as the board and management team.”
PAC Partners was the Sole Lead Manager to the IPO.