Trinity Biotech Nets $22.5 Million
Dublin - Irish Trinity Biotech plc have inked several agreements with institutional investors for the private placement of approximately 5,294,118 of its ordinary shares at $4.25 per share for gross proceeds to the company of approximately $22.5 million. Investors also will receive 5 year warrants to purchase an aggregate of approximately 1,058,824 ordinary shares at an exercise price of $5.25 per share, representing a 24% premium to the placement price.
In addition, the company has granted to the investors the right to purchase up to an aggregate of 2,647,059 additional ordinary shares at $4.25 per share for a period of up to 30 days after the closing of the transaction. No additional warrants will be issued if this right is exercised.
Recently the company received the FDA approval to market its Uni-Gold Recombi-genTM HIV test in the USA. The approval was based on clinical trial results on over 9,000 patient specimens where the antibody serum test demonstrated a sensitivity of 100% and a specificity of more than 99.7%.