16.11.2020

Scope Fluidics successfully issues shares and secures the financing for its flagship project

Scope Fluidics – a biotechnological company listed on NewConnect, developer of innovative medical diagnostics projects – has successfully completed the offering of shares addressed to selected investors. The investors subscribed for all 127,915 offered shares with the nominal value of PLN 160 each, thus contributing PLN 20.5 million to the Company’s capital. The majority of the funds raised under the authorized capital will be allocated to the Early Access (EA) program of the PCR|ONE system. The accelerated book building process (ABB) was organized by mBank S.A.

Scope Fluidics has sold all the shares included in the offering addressed to a group of selected investors – The completed issue of shares is an important step towards achieving the Group’s business objectives. The capital contributed by the investors will help us prepare the Scope Fluidics Group, and especially Curiosity Diagnostics, for the M&A transaction, i.e. the sale of Curiosity Diagnostics to a global medtech company. We focused on implementing the value-building plan for the PCR|ONE technology. The acquired capital accelerates the activities that are most expected by potential buyers of this technology – i.e. preparation of a capacity for mass production and implementation of the Early Access program. The current demand for rapid, point-of-care genetic testing is enormous, with the prospect of overdemand for the next few years. This situation is a great opportunity for our Company to find a potential buyer for the systemsays Szymon Ruta, CFO and Board Member of Scope Fluidics.

Scope Fluidics, after completing the certification of the PCR|ONE device under the CE-IVD process, intends to carry out tens of thousands of tests in health care centers and other public and private institutions in Poland and other European countries. This implies the need to produce about 50-100 analyzers and about 50 000 cartridges. By extending the scope of activities performed under the Early Access program, the Company plans to confirm the effectiveness of the system’s operation and also to collect opinions from system’s users.

The Company’s preliminary estimate of the expenditure required to implement the EA program is approximately PLN 25 million. The final amount will depend on the duration of the project, its geographical range and number of tests completed.

Our shareholders are joined by new investors interested in the current stage of development of our projects. We are happy about this and declare that we are determined to make the investment go hand in hand with the development of the Company. The successful issue of shares, combined with the currently held capital, the grant support and the agreement with the European Investment Bank, allows us to operate and benefit from financing that is optimal for the value growth of the entire Scope Fluidics group – adds Szymon Ruta.