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Novacyt raises €9.7M in conditional placement, plans dual-listing

Novacyt Société Anonyme raised €9.7 million via a conditional placing of 7,687,989 shares at 59.38 pence apiece.

The company intends to use the proceeds to invest in additional manufacturing capacity, among other things.

The clinical diagnostics specialist also intends to obtain a dual-listing on AIM and the Euronext Growth Paris.

Of the total placement, €4.7 million worth of shares are expected to be issued on AIM on Nov. 1, when the company's admission to the market will become effective.

The proposal of listing the company on AIM is in line with Novacyt becoming a more "U.K.-centric company" following the acquisition of biotech Primerdesign Ltd. in May 2016.

"We are delighted to have successfully completed our U.K. IPO, which is a major corporate milestone for Novacyt and marks the first healthcare company with a dual-listing on Euronext Growth Paris and AIM," CEO Graham Mullis said.