a day ago
Clearbridge Health raises S$1.98 million in placement backed by Azure Capital
[SINGAPORE] Clearbridge Health has raised S$1.98 million in a placement backed by Singapore fund manager Azure Capital, among other investors, amid plans to acquire a biopharma company for US$330 million and to enter a new business.
The placement of 990 million shares, at S$0.002 each, was fully taken up and has allowed Clearbridge to become debt-free, the company announced in a bourse filing on Monday (Aug 18).
Other investors in the placement included family office Asdew Acquisitions and Ramesh Chandiramani, whom Clearbridge said is a veteran investor.
The proceeds will be used for general working capital, including to support the planned acquisition of Elpis Biopharmaceuticals, with which Clearbridge signed a term sheet in April.
Clearbridge also wants to enter the business of banking adult immune cells. In June, it announced plans to appoint an adviser for a processing and cryogenic storage facility for peripheral blood mononuclear cells. It has incorporated companies in Singapore and Hong Kong to prepare the launch.
The placement proceeds will also be used for immediate business needs, and for opportunities that 'provide long-term growth and value for shareholders', said Clearbridge.
The capital raise reflects Azure's confidence in Clearbridge's direction and leadership, said the fund manager's chief executive Terence Wong.
'The company's transformation into a debt-free entity, coupled with promising future opportunities, presents a compelling investment proposition,' he said.
Clearbridge shares ended Monday flat at S$0.004.
