BioNexus Gene Lab, which distributes chemical products and provides non-invasive blood tests in Asia, raised $5 million by offering 1.3 million shares at $4. Prior to pricing, the company did not disclose a proposed range or price in its prospectus. The company was listed on the OTC.
The company's subsidiary Chemrex focuses on the sale of chemical raw materials (mostly FRP) for manufacturing across several industries (e.g. medical, mechanical, electronic) primarily in Malaysia, as well as other countries in Southeast Asia. BioNexus also develops and provides non-invasive liquid biopsy tests for the early detection of biomarkers that are believed to be linked to diseases. Its non-invasive blood tests aim to minimize treatment costs and improve patient management by providing analysis of changes in RNA to detect the potential risk of 11 different diseases.
BioNexus Gene Lab plans to list on the Nasdaq under the symbol BGLC. Network 1 Financial Securities acted as sole bookrunner on the deal.
