Urteste successfully completes IPO worth PLN 9.52 million

In the completed public offering of Urteste S.A., a company specializing in the development of innovative technology to detect cancerous diseases at early stages of development from urine samples, investors have acquired all offered shares. Raised funds will be used mainly for: research and development, patent protection of tests and laboratory equipment. Urteste plans to debut on NewConnect market in September 2021. Coordinator of the public offering of shares was DM BOŚ SA.

On July 7, the Board of Urteste passed a resolution to allot 95,200 Series C shares offered in the public offering. In the Small Investor Tranche 20 000 shares were taken up. Shares were taken up in the Small Investor Tranche. The average rate of reduction of subscriptions in the Small Investor Tranche was 37,90%. In the Large Investor Tranche 75 200 shares were taken up. The issue price of the shares was PLN 100.

The first public offer of Urteste S.A. shares met with great approval of institutional and individual investors. We are also glad that reputable investment funds have joined the group of Urteste shareholders. The acquired funds will allow us to accomplish next milestones, which will bring us closer to the commercialization of our innovative technology for early diagnosis of cancer from urine samples - says Grzegorz Stefański, CEO of Urteste.

5.5 million PLN raised from the issue Urteste plans to spend on R&D in pancreatic cancer and prostate cancer projects and development of another 13 diagnostic targets. PLN 2.3 million will be used for patent protection of tests, PLN 1.3 million for overheads and public relations costs, while PLN 1 million will be used to adapt and equip a new laboratory.