Bard1 raises $7.5m, makes board changes

Cancer-focused medical technology company BARD1 Life Sciences has raised around $7.5 million via a share placement and rights issue, and has appointed two non-executive directors to its board.

The private placement raised approximately $5 million at 2 cents per share, with the key strategic investors including Perth-based Merchant Group for its ‘opportunities fund’.

The one-for-10 rights issue raised $2.5 million at 2 cents per share, and BARD1 said it had received a firm commitment from Merchant Corporate to take up any shortfall.

The company also announced the appointment of Max Johnston and Philip Powell to the board.

Mr Johnston was the chief executive officer of Johnson & Johnson’s Pacific division.

Mr Powell is a chartered accountant with 10 years in senior financial roles at former ASX-listed financial services company OAMPS, which was acquired by Wesfarmers.

As part of the board renewal process, Brett Montgomery resigned from BARD1.

BARD1 chief executive Leearne Hinch said enhancing the company’s financial capacity and strengthening its board was a major step in positioning it to deliver on its growth strategy.

“BARD1 has a clear vision to build a leading Australian cancer diagnostics company and the initiatives we have outlined today are a significant step towards realising that vision,” she said.

The company is focused on developing and commercialising non-invasive diagnostic tests for early detection of cancer.

Shares in BARD1 were down 16 per cent to trade at 2.1 cents each at the close of trade.