Medlab Clinical - Moving closer to the Nasdaq IPO

Medlab Clinical moves a step closer to realising its plans for a secondary listing on the Nasdaq following filing of the IPO registration statement with the US Securities and Exchange Commission. As part of the offering, the company plans to issue c 1.8m share units (ordinary shares plus an equivalent number of warrants) at US$4.45/share and c 1.8m pre-funded warrants at US$4.4999/unit (nominal exercise price of US$0.0001/unit) to raise c US$8m in gross IPO proceeds (c US$7m net). Following this announcement, we believe that Medlab remains on track to meet its Q1 CY23 target for the listing. We expect the funds raised to be used in supporting the upcoming investigational new drug (IND) submission for NanaBis in the United States (to commence Phase III trials) and progressing Medlab’s development pipeline. We will update our valuation (currently A$236.1m or A$103.5/share) following the US listing.