BioPorto A/S (CPH:BIOPOR) announced Monday that a private placement of more than 9.2 million shares is fully subscribed.
The aggregate subscription price for the new shares is DKK36,748,610 (US$5.5 million), which will be paid before the end of June, according to a statement.
BioPorto expects to complete the share capital increase and issue the new shares in early July.
The company has submitted an application to the US Food and Drug Administration for approval of its proprietary NGAL Test that assesses the risk of acute kidney injury in children under 21.
BioPorto, based in Hellerup, Denmark, also plans to seek FDA clearance of the NGAL Test for use in adults in the second half of 2019.
Contact the author: [email protected]
Follow him on Twitter @PatrickMGraham