TruScreen Capital Raising

Published: 22 March 2017

Capital investment to fund commercial opportunities.

TruScreen Limited has undertaken a $4.09 million share placement to institutional and other select investors as it looks to strengthen its balance sheet and fund commercial growth.  In addition to the placement, TruScreen intends to make an offer to existing retail shareholders of the company, on the same terms and pricing, through a Share Purchase Plan.

TruScreen, which has the world’s only certified, real time, objective primary screening device for cervical cancer, has in recent times made significant advances to the design and performance of its device, with the launch of its second generation TruScreen2 device in 2016. This has opened up commercial opportunities in a number of international markets and TruScreen is in contention for a number of large scale and government screening programs.

The Board wishes to raise new capital to strengthen the balance sheet, fund sales and marketing initiatives, expand manufacturing capabilities and continue improvement to the devices performance. In particular, funds will be used to:

  • Prepare for anticipated commercial opportunities in China and India;
  • Expand commercial growth in European and Latin American markets;
  • Fund clinical and familiarisation trials as required for product improvement and acceptance in government programs;
  • Expansion of manufacturing facilities and supply capabilities;
  • Build-up of inventory;
  • Continued product refinement.

Chairman of TruScreen, Mr Robert Hunter, said: “Cervical cancer is a major cause of mortality amongst women worldwide, particularly in countries that lack cervical cancer screening programmes. We are now seeing increased investment from Governments into screening programmes and are focused on positioning our real time, accurate and cost effective TruScreen2 as the preferred technology for these large scale screening programmes. We have identified a number of immediate opportunities and this capital raising will ensure we have the resources and capacity to progress with these.

“We are delighted with the support we received for the placement from our large investors. The SPP will allow our retail shareholders an equal opportunity to participate in this capital raising.”


The placement was undertaken with institutional and other select investors subscribing for 25,562,500 shares at 16c per share.  Settlement and allotment of the new shares is expected to occur on 24 March, 2017.

Share Purchase Plan

Existing retail shareholders of TruScreen will be invited to subscribe for new shares under a Share Purchase Plan. The subscription price will be the same as that for the private placement, 16c per share.

Key Dates

The record date for determining entitlements to participate in the Share Purchase Plan and other key dates will be announced shortly.