The BARD1 Life Sciences Ltd (ASX: BD1) share price is frozen today as the company prepares to announce news of a capital raise.
Trading of its shares will be halted until it either releases an announcement or the ASX opens on Friday morning.
The BARD1 Life Science share price finished yesterday's session trading at $1.80.
The company is focused on creating non-invasive methods to detect early stage cancers.
Let's take a closer look at today's news of BARD1 Life Science.
Trading halt ahead of capital raise
The BARD1 Life Sciences share price is halted as it prepares to announce a $10 million placement and a $2 million share purchase plan. The share purchase plan is open to eligible retail investors.
The placement will see shares in BARD1 going for $1.55 apiece. That's a 13.88% discount on its previous closing price.
The company is currently working on autoantibody tests that have been proven to detect some early-stage cancers.
Its lead pipeline product is its ovarian cancer tests. It is also working to create tests for early stage breast cancer.
Also in BARD1's pipeline are tests for early stage lung cancer.
The BARD1 share price was temporarily boosted late last month by news its ovarian cancer detection technology had been published by international peer-reviewed journal Genes.
Today's news is the first time the market has heard of a capital raise by BARD1 since June 2019.
Back then, the company raised $7.5 million to put towards its growth strategy.
BARD1 Life Sciences share price snapshot
2021 has been a good year so far for the BARD1 Life Sciences share price.
Right now, it's 172% higher than it was at the start of the year. It has also gained 114% since this time last year.
The company has a market capitalisation of around $144 million, with approximately 80 million shares outstanding.
