Clearbridge Health has raised gross proceeds of $1.98 million following the completion of placement of 990 million new ordinary shares at 0.2 cents per share.

Following the completion of the placement, Clearbridge Health is now entirely equity-financed. The group has used gross proceeds from the placement to fully repay all outstanding bank borrowings.

It has also converted $3.5 million convertible bonds at 0.31 cents per share, and CEO Jeremy Yee has converted his own bond holdings into equity.

The total number of issued shares of the company has now increased to 4,295,820,825 shares.

The group says that the placement drew strong interest from investors, such as Asdew Acquisitions and Azure Capital, as well as veteran investor Ramesh Chandiramani. It has also issued 659,999,996 free warrants on the basis of two warrants for every three placement shares subscribed.

Clearbridge Health is also assigning some of the newly raised funds into the creation of adult immune cellular banking, and the proposed acquisition of Elpis Biopharmaceuticals (Elpis).

The company entered into a binding term sheet with Elpis on April 28, and a strategic alliance with Guangdong Amoreneg Medicine Research and Development (GAMRD) was signed on June 5. The company intends to appoint GAMRD as a consultant to provide advisory services in relation to the group’s proposed establishment of a peripheral blood mononuclear cells processing and cryogenic storage facility.

The Group has since incorporated companies in both Singapore and Hong Kong to prepare the launch of the adult immune cellular banking business.

Shares in Clearbridge Health closed flat at 0.4 cents on Aug 18.