Atomo Diagnostics Limited (ASX: AT1), an Australian medical device company supplying unique, integrated rapid diagnostic test (RDT) devices to the global diagnostic market, has announced the completion of a capital raise expected to total $4.0 million. The raise was achieved through a placement to institutional and sophisticated professional investors, followed by a Share Purchase Plan (SPP). The company has received binding commitments for $3.0 million under the placement.
The placement involves the issuance of approximately 90.9 million new fully paid ordinary shares at $0.033 per share, along with 45.5 million free attaching options. These options are exercisable at $0.045 and will expire 2.5 years from the issue date, granted on a basis of one option for every two new shares. The issue price represents a ~10% discount to the 15-day VWAP of $0.0368.
The company intends to offer eligible shareholders in Australia and New Zealand the opportunity to participate in an SPP, targeting a further $1.0 million. Eligible shareholders can apply for up to $30,000 worth of SPP shares at the same issue price as the placement, with one free attaching option for every two SPP shares subscribed. Full details of the SPP will be included in the SPP Prospectus, expected to be dispatched around April 16, 2026.
According to Atomo, the net proceeds from the capital raising, combined with pro forma cash on hand of approximately $3.5 million as of December 31, 2025, will fund the company through to early 2028. Funds will be used to expand commercialisation of Atomo’s proprietary diagnostic tests, including Active Syphilis and Liver function tests, scale up operations to meet increased demand for Pascal cassettes for Lumos’ FebriDx growth in the US, and for working capital. Joint Lead Managers for the placement were Alpine Capital Pty Ltd and GBA Capital Pty Ltd, with Bay Financial Pty Ltd acting as Co-Manager.
