Biolidics Ltd. said it raised S$6.1 million in net proceeds from its IPO on the Singapore Stock Exchange.

The Singapore-based healthcare company sold 27.5 million shares at 28 Singaporean cents apiece and its shares will start trading on the Catalist Board on Dec. 19.

According to Biolidics, S$2.7 million from the proceeds will be directed toward expanding its clinical services applications and clinical services customer segment and S$2.4 million for the development of its pipeline products. The company will use the remaining S$1 million for corporate and working purposes.

The IPO shares represent 11.34% of Biolidics total share capital. Coop International and Pheim Asset Management subscribed to 3.5 million and 2.8 million shares, respectively.

Biolidics markets the ClearCell FX1 system, which retrieves circulating tumor cells responsible for spreading disease from blood samples and enriches them for diagnosis and treatment.

The company said in its Dec. 18 press release that the market for cancer detection through blood samples will increase from US$600 million in 2016 to US$1.7 billion in 2021.

As of Dec. 17, US$1 was equivalent to 1.37 Singaporean dollars.