Chunumunu
Australian biotech Medlab Clinical (OTCPK:MDBBD) (MDLB) has set terms for a proposed $8 million IPO.
The developer of the drug delivery platform said it plans to offer 1.8 million units at a price of $4.45 per unit, which is a price Subject to change. Each unit would consist of one share plus a warrant to purchase one share for $4.45.
The deal also includes 1.8 million prefunded units for buyers who would own more than 4.99% of the outstanding shares after the offering. EF Hutton is acting as Lead Bookrunner.
Medlab aims to list its shares on the Nasdaq under the symbol MDLB. Its shares are already traded on the Australian Securities Exchange under the symbol MDC.
Based in New South Wales, Medlab’s Nanocelle technology enables the delivery of pharmaceuticals and nutraceuticals via nanoparticles. The company already has several products using the technology on the market in Australia.
For more IPO news, visit SA’s IPO News page.
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