News

Clearbridge Health plans IPO spin-off for associate

The Business Times by ANNABETH LEOW

Singapore

CATALIST-listed medical technology company Clearbridge Health may bring an associate to an initial public offering (IPO), not long after its own bourse debut in December last year.

Clearbridge BioMedics has secured pre-IPO funding commitments of S$6.6 million from oncology professionals and healthcare and biotechnology investors, in exchange for equity, the company said on Thursday.

The money will go to business expansion, technology development, talent recruitment and IPO-related costs, and will be spent on developing end-to-end cancer diagnostic tests at 39.7 per cent-owned Clearbridge BioMedics, which has already put out a proprietary liquid biopsy system to spot tumour cells in blood.

The Business Times was told that the planned IPO, slated for the last quarter of this year, is likely to be on Singapore's Catalist junior board.

The move would put Clearbridge BioMedics' debut close to the one-year anniversary of the Clearbridge IPO, which valued the company at S$134.7 million, on S$0.28 a share.

But Clearbridge's board said in an announcement on the Singapore Exchange website that the potential spin-off "is at a preliminary stage" and depends on, among other things, the green light from regulators.

The board added that no professional advisers have been appointed for an IPO and, "accordingly, there is no assurance that the potential listing will proceed in due course".

Clearbridge, which chalked up a net loss of S$1.49 million for the three months to March 31, closed up by half a Singapore cent or 1.41 per cent at S$0.36, before the news.