Pacific Edge (NZE:PEB) raised NZ$16 million through a share placement, NZ$1 million above its target, and is now preparing to launch a NZ$5 million share purchase plan (SPP) for retail investors to support growth initiatives and efforts to restore Medicare coverage, according to a Tuesday filing with the New Zealand and Australian bourses.
The placement was strongly supported by existing shareholders and is now awaiting shareholder approval. Meanwhile, the company plans to launch a NZ$5 million SPP for eligible retail investors at the same offer price of NZ$0.10 per share, with the option to accept oversubscriptions, scheduled for late July or early August, the filing said.
The capital raise aims to provide Pacific Edge with additional resources and capacity needed to leverage recent clinical and commercial achievements, expand in non-Medicare markets, and restore Medicare coverage for its diagnostic tests, the filing added.
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