Sienna Cancer Diagnostics (ASX:SDX) is set to raise $4.2 million before costs via a share placement and rights issue at 3.5 cents per share.
This issue price represents a 20 per cent discount to the 30-day volume weighted average price as at 25 November 2019.
Funds will be used to accelerate commercialisation of SIEN NET, the company’s cancer capture and detection technology.
The funds will also be used to fund co-development expenditure for the company’s collaborative agreements with Minomic International and VivaZome Therapeutics.
Shares in Sienna Cancer Diagnostics (ASX:SDX) are trading 12.9 per cent higher at 4 cents.