BioNexus files $100 million shelf registration, $20 million ATM program

BioNexus Gene Lab Corp. (NASDAQ: BGLC) filed a registration statement with the U.S. Securities and Exchange Commission to register up to $100 million of securities for potential future offerings, according to a company statement.

The biotechnology company also entered into an Equity Distribution Agreement with Maxim Group LLC for an at-the-market program that would allow the sale of up to $20 million of common stock, subject to the registration statement's effectiveness.

The Kuala Lumpur-based company operates in precision diagnostics and gene-based technologies across Asia and the United States through subsidiaries MRNA Scientific Sdn. Bhd. and Chemrex Corporation Sdn. Bhd.

"Our recently filed $100 million shelf and $20 million ATM program provide the structural capital readiness to support execution as our growth and operating initiatives progress toward key milestones," said Sam Tan, Chief Executive Officer.

BioNexus stated the financing mechanisms would support growth initiatives including executed term sheets with Fidelion Diagnostics Pte Ltd. and BirchBioMed Inc. The company indicated these align with its strategy to expand in precision oncology, regenerative medicine, and contract biologics manufacturing.

Zarif Law Group P.C. served as legal counsel to BioNexus, while Pryor Cashman LLP represented Maxim Group LLC in the transaction.

The registration statement has been filed but is not yet effective. Securities cannot be sold until the SEC declares the registration statement effective.

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