Clearbridge Health aims to raise net proceeds of $21.4 million through an initial public offering (IPO) to build a business focused on precision medical services.
Clearbridge, the medical technology investor formerly known as Clearbridge Accelerator, is placing 88 million shares at 28 cents each and plans to start trading on the Catalist board on Dec 18.
No shares are being offered to the public.
The company would have a market cap of $134.7 million at the 28-cent IPO price.
Clearbridge Health is helmed by Mr Jeremy Yee, the former chief executive of Singapore-listed Cordlife Group.
He joined Clearbridge in May and set up two clinics, in Singapore and Hong Kong.
- Clearbridge Health would have a market cap of $134.7 million at the 28-cent IPO price.
These are staffed by six doctors in total specialising in internal medicine, making them more qualified than normal general practitioners, said Mr Yee.
Patients can visit for health screenings while those suffering from cancer and diabetes can also be treated.
Mr Yee said last week: "Patients who have been diagnosed in the public sector with a certain sort of cancer who want to go on a parallel track on the private side and have some hand-holding can come to us."
Around $11 million of the IPO proceeds will be used to expand the medical clinic business.
Clearbridge has entered into a term sheet with certain individuals for the potential acquisition of a medical centre in the Philippines.
A further $3 million will be used to expand the group's laboratory testing service business, and $7.5 million set aside for working capital.
Clearbridge's revenue as of June 30 was derived solely from the provision of testing services at its in-house laboratory, Sam Lab.
Its pro forma net loss widened to $2.03 million in the six months to June 30 from $1.27 million a year earlier. Revenue in the period was $284,000.
More than 2,000 specimens have flowed through Sam Lab since it was set up in 2009, said Mr Yee, adding: "These are all patients that we can get back to and talk about further health screenings."
Among other tests, Sam Lab offers a circulating tumour cell CellSearch test for the prognosis of breast, prostate and colorectal cancer patients.
Mr Yee noted that Clearbridge has low debt and a $9.8 million cash pile as of June 30, before IPO fees.
Net asset value per share was 13.8 cents based on the group's pro forma statements as of June 30.
Clearbridge, which was founded in 2010, said that it cannot be certain that it will achieve profitability.
United Overseas Bank is the sponsor, issue manager and placement agent.