Eurobio Scientific: An unexpected, unwelcome and dilutive share issue
There are financial transactions that are best avoided for a listed company. When you plan to generate significant free cash flow, when you are very undervalued and when you do not have a real investment project to officially announce, you do not raise equity by offering a 16.7% discount to new shareholders. Unfortunately, this is what Eurobio, the microcap specialized in the design and distribution of in vitro diagnostic (IVD) products, has done by issuing 1 million new shares (more than 10% of its capital).
Eurobio Scientific SA, formerly Diaxonhit, is a France-based biotechnology company engaged in the field of in-vitro diagnostic. It is engaged in activities ranging from discovery to the commercialization of specialty diagnostic products. The Company owns a portfolio of diagnostic products in three specialty areas: infectious diseases; Alzheimer's disease, and cancer. It consists of Tetanos Quick Stick (TQS), which is an unitary test enabling to determine the tetanus vaccination status. It has a portfolio of in-house and co-developed products, including AclarusDx (a blood-based test for the detection of biomarkers specific for Alzheimer's disease). The portfolio includes BJI Inoplex for prosthetic infections and EHT Dx14 for breast cancer (both in validation phase). The co-developed products include research programs for the identification of predictive biomarkers of response for anti-HER2 and anti-angiogenic therapies, among others. It operates through Genbio and Eurobio Capforce Plus.
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