At the same time, Clearbridge’s wholly owned subsidiary Clearbridge BSA will convert existing loans to Clearbridge Biophotonics for another $1 million of the convertible bonds.
In its filing on Monday, the group highlights Clearbridge Biophotonics’ potential for growth through its algorithm-powered microscopy technology, which targets the live cell imaging market that is estimated to reach US$2.9 billion by 2023, according to a MarketsandMarkets report.
In particular, the group says Clearbridge Biophotonics’ unique imaging devices are positioned to disrupt the live cell imaging market by addressing “unmet needs in live cell imaging for drug discovery and biomedical research” as they offer the ability to perform high throughput, concurrent imaging of multiple cell responses.
As such, they offer pharmaceutical companies and researchers several new value propositions, including novel insights in drug discovery and development, as well as cost- and time-saving solutions.
“This niche market [live cell imaging] is growing rapidly with the rising incidence of cancer and accelerated drug development efforts to combat cancer. There are huge market opportunities in this specialised area and Clearbridge Biophotonics’ unique microscopy technology is attracting investor interest from US venture capital firms specializing in life sciences investments,” says Jeremy Yee, executive director and CEO of Clearbridge.
Shares in the group closed 1.35% lower at 15 cents on Monday.
