Biocartis Group NV raised about €80 million in gross proceeds through a private placement via an accelerated bookbuild offering of 6.4 million new shares.

The company offered the shares, representing about 14.33% of its outstanding stock, at €12.50 apiece.

Biocartis plans to use the net proceeds to fund the expansion of Idylla test menu and applications, its sales and marketing activities and the ongoing increase of its cartridge manufacturing capacity. It also intends to use the funds for working capital and other general corporate purposes.

The payment and delivery of the shares is expected to take place on Dec. 1 and an application will be made to admit the new shares to trading on the regulated market of Euronext Brussels at the same time.

J.P. Morgan, Degroof Petercam, KBC Securities and Kempen acted as joint book runners in the offering.