Identifai Genetics (ASX:ID1) started trading on the Australian Securities Exchange on Tuesday after raising AU$10 million in its initial public offering priced at AU$0.20 per share, according to a same-day filing with the bourse.
The biotechnology company, which is developing non-invasive prenatal genetic screening technology, said it will use the IPO proceeds to advance the clinical validation and US laboratory readiness for its flagship Windrose platform.
Windrose is "designed to assess selected inherited conditions from a single maternal blood sample," Identifai said, adding that the US is its first target market for commercialization.
The company plans to advance a US multi-center clinical validation study targeting about 600 participants to further evaluate Windrose.
Its shares rose 18% in recent Tuesday trade.