PDF
Genetic Analysis AS: Microbiome Dx Genetic Analysis raises USD 6.8 M in IPO
Closes up 50 % on first two days of trading as EU and US commercialisation drive of GA-map® platform begins
OSLO, NORWAY - 5 October 2021: Microbiome DX company Genetic Analysis AS closed up 50% over the first two days of trading on the Swedish Spotlight Stock Market following completion of a share issue. The issue of units was oversubscribed to a total of approximately NOK 99 million, corresponding to a subscription ratio of approximately 165 percent, and the Company received approximately NOK 60 million before issue costs. Through the issue of units, approximately 1 200 new shareholders were added to GA including several leading Nordic and international private and institutional investors. The company now plans to use the funds to accelerate commercialisation of its proprietary GA-map® diagnostic platform for simultaneous analysis of gut microbiota.
CEO Ronny Hermansen comments:
"As research continues to demonstrate the strong links between intestinal health and wellbeing so does the need for accurate and reliable diagnosis. We believe that microbiome testing will be a game changer in healthcare moving forward. GA-map® provides the market with the standardised diagnostic platform needed to successfully develop microbiome-altering drugs that will benefit the vast number of patients suffering from bowel-related diseases such as IBS and IBD. We also see an on-going role for our tests for monitoring patient outcomes. I am delighted with the response to the listing and this new funding will now enable us to execute our growth plan to accelerate the commercialization of GA-map® in the EU and the US."