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BioNexus Gene Lab (OTCPK:BGLC), a wholesaler of chemical raw materials and developer of liquid biopsy tests, has filed to uplist its shares to Nasdaq and raise $17M through an offering.
BioNexus didn’t state in its filing the number and price of the shares it plans to offer, but indicated in its filing fee schedule that it was looking to raised around $17M.
The company hopes to uplist its shares to Nasdaq. The shares are currently traded OTC under the symbol BGLC. Network 1 Financial Securities is serving as lead bookrunner.
Based in Malaysia but incorporated in the US, BioNexus’s wholly owned subsidiary Chemrex specializes in the sale of raw materials to a wide array of industries in Southeast Asia. The company is also developing liquid biopsies for the early detection of certain cancers, digestive diseases and osteoarthritis.
The company has been operating at a loss. For the nine-month period ended Sept. 30, BioNexus reported a net loss of $199K on revenue of $8M.
BioNexus acquired Chemrex through a stock deal in late 2020.
