Chunumunu
Australian biotech Medlab Clinical (OTCPK:MDBBD) (MDLB) has set terms for a proposed $8M US initial public offering.
The drug delivery platform developer said that it is planning to offer 1.8M units priced at $4.45 per unit, a price that is subject to change. Each unit would consist of one share plus one warrant to buy one share for $4.45.
The deal also includes 1.8M pre-funded units for buyers who would own more than 4.99% of its outstanding stock following the offering. EF Hutton is serving as lead bookrunner.
Medlab is seeking to have its shares listed on Nasdaq under the symbol MDLB. Its shares are already traded on the Australian Securities Exchange under the symbol MDC.
Based in New South Wales, Medlab’s Nanocelle technology enables pharmaceuticals and nutraceuticals to be delivered via nanoparticles. The company already has several products using the technology on the market in Australia.
For more IPO news, check out SA’s IPO News page.
