BCAL Diagnostics Strengthens Balance Sheet as Breast Cancer Screening Commercialisation Nears

BCAL Diagnostics Ltd (ASX: BDX) is developing blood screening technology that is intended to be used alongside breast cancer screening methods.

The company’s strategy has now attracted firm commitments to raise $10.5 million, before costs, at $0.10.

There will be a two-tranche placement, with directors indicating intention to participate, subject to shareholder approval.

Funds will be used to further product development and research including costs associated with clinical trials, engineering and regulatory charges.

Steps to commercialistion

BCAL can now expand its clinical services laboratory with equipment and staff following NATA certification of ISO15189.

NATA accredits organisations to perform testing and inspection activities for their products and services.

This gives consumers the assurance they need to make safe, healthy and reliable choices.

The company can also advance discussions with the National Pathology Accreditation Advisory Council to facilitate commercial production.

A commercialisation timeline has a market launch of product in Australia in the December quarter of 2024.

Followed by preparation for a launch into the lucrative U.S. market in 2025.

Industry associations

Jayne Shaw, chair, commented:

“We are delighted to have received such strong demand from existing and new shareholders which demonstrates such great confidence in our commercialisation strategy which is reaching its final phases ahead of anticipated launch in late CY2024.

“We are working closely with industry including breast cancer surgeons, diagnostics teams and other industry KOL’s to advance discussions with potential partners to bring our blood test for breast cancer to market and fulfill our mission of improving diagnostic outcomes for cancer.”

Shaw is the co-founder of BCAL, and co-owns the Sydney Breast Clinic.

Testing for cancer

Over the past decade BCAL has developed a non-invasive blood test for the detection of breast cancer.

The test is initially designed to complement current imaging technologies, such as the mammogram, with the aim of becoming a monitoring and screening tool suitable for women of all ages and backgrounds in any location.

BCAL therefore has the opportunity to improve patient outcomes for the more than two million new cases of breast cancer diagnosed globally each year.

 

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