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Cervical cancer screening firm TruScreen to list on small-cap NZAX

TruScreen, which develops a cervical cancer screening system, plans to join the small-cap NZX Alternative Market next week in a compliance listing.

The Auckland-based company will list its 144.4 million ordinary shares on the NZAX on Nov. 12 and won't issue new shares, according to a notice to the stock exchange. TruScreen raised $6.07 million in the 2014 financial year selling shares at 10 cents apiece, according to its annual report, and a fact sheet on its website put the current share price at 10 cents, giving it a market value of $14 million.

The private placement "was to acquire the intellectual property and business assets of TruScreen Pty Ltd, and to provide working capital for the commercialisation and further product improvement of the TruScreen technology," the report said.

TruScreen's cancer screening system is made up of a medical device and process designed to detect the presence of cancerous and pre-cancerous tissue in the cervix in real-time.

The company is targeting China as a primary target market, which underpins its commercial roll-out. TruScreen had cash and equivalents of $2.48 million as at March 31, 2014.

TruScreen is chaired by Robert Horn, a significant investor in the development of the product, Christopher Horn, who has been involved with the company for a number of years, Sean Joyce, who is sponsoring the listing, and Tim Preston, a former stock broker.