Cogstate Ltd. launched a 1-for-10 entitlement offer of new shares to raise about A$4 million for international expansion.
The Australian healthcare technology company will offer common shares at 27 Australian cents each to existing investors in the company.
Cogstate, which recently raised A$2.9 million through a share placement deal with Japanese drugmaker Eisai Co. Ltd., plans to use the net proceeds from the entitlement offer to carry out similar deals in Japan as well as other countries.
A part of the proceeds will also be used to further the company's technology, including mobile applications, further region-specific product adaption and general working capital, Cogstate said in an Oct. 21 press release.
Cogstate provides computerized cognitive tests for clinical trials, research and brain injury applications.