TruScreen Raises NZ$2.9 Million to Expand Global Cervical Screening Reach

Capital Raise Targets Global Expansion and Compliance

TruScreen Group Limited (NZX/ASX:TRU) has launched a NZ$2.943 million capital raising comprising a NZ$1 million placement and a NZ$1.943 million pro-rata renounceable rights issue priced at NZ$0.013 per share. The funds are earmarked for regulatory compliance, African market registrations, clinical evidence development, sales and marketing expansion, distributor support, manufacturing tooling replacement, and working capital.

The placement shares will carry attaching options exercisable at NZ$0.014 within 24 months, offered at one option for every two shares subscribed. The rights issue is discounted 24% to the closing price on 19 May 2026, ensuring parity between placement and rights pricing. The rights will not be quoted on NZX or ASX, and any shortfall will be offered through a bookbuild process.

Strong Sales Growth and New Market Penetration

TruScreen reported a 42% year-on-year increase in product sales to NZ$2.4 million for FY2026, with revenue rising 33% to NZ$2.8 million. The company expanded its geographic footprint with first sales in India, home to 468 million women of screening age, and Indonesia, with 95 million women and a government-funded mass screening program. These new markets add significant runway to TruScreen’s addressable market.

China remains the largest market, accounting for 62% of sales, supported by a local manufacturing facility established in 2021. The company has over 300 TruScreen Ultra devices installed across 20 countries, including Vietnam, Zimbabwe, Mexico, Russia, and Saudi Arabia.

Strategic UNITAID Grant Bids and NGO Partnerships

TruScreen has submitted three proposals to UNITAID targeting cervical cancer screening programs across 14 high-burden countries in Africa, Asia-Pacific, and Latin America, collectively addressing a market of 1 billion women. If successful, TruScreen could generate up to US$18.4 million in revenue as consortium lead over three years. The company is also a technology partner in two other UNITAID grant applications led by global and national NGOs, making a total of five applications involving TruScreen technology.

These initiatives align with the World Health Organisation's 90-70-90 cervical cancer elimination targets for 2030, with TruScreen’s AI-enabled point-of-care technology designed for low-resource settings lacking laboratory infrastructure or patient recall systems. The company’s device complements HPV testing, enabling primary screening and same-visit treatment models.

This push into public health programs follows TruScreen’s success with Zimbabwe’s National AIDS Council program, which screened over 30,000 women and was recently extended nationally by the Zimbabwe Ministry of Health.

Extension of Options Expiry to Support Future Capital Raising

Alongside the capital raise, TruScreen announced an extension of the expiry date for 204.7 million unlisted options from 17 July 2026 to 17 July 2027. These options, issued in a 2025 capital raising, have an exercise price of NZ$0.022 and have yet to be exercised due to the share price remaining below this level. Extending the expiry provides holders additional time to exercise, potentially easing future capital raising efforts.

The extension offer is being made to Australian optionholders via a transaction-specific prospectus, with no shareholder approval required. The company also plans to issue up to 30 million new options to joint lead managers of the placement as consideration for services, subject to shareholder approval.

Clinical Validation and Growth Strategy

TruScreen’s AI-enabled cervical screening device is supported by an extensive clinical evidence base, including the landmark COGA study involving nearly 15,000 women, published in 2026, which confirmed TruScreen’s superior sensitivity and specificity compared to liquid-based cytology and HPV testing. The device has regulatory approvals across multiple jurisdictions including Australia, China, the EU, Russia, and Mexico, with pending registrations in India and South Africa.

The company’s growth strategy focuses on expanding its distributor network in emerging markets, engaging with global NGOs, and reducing consumable costs to improve margins. Collaborations include a strategic alliance with Dalton Biosciences for HPV-related products distribution, enhancing TruScreen’s screening portfolio.

TruScreen’s FY2026 results and strategic initiatives position it to capitalize on the global cervical cancer screening market, valued at USD 7.9 billion in 2024 and projected to reach USD 14.5 billion by 2033, driven by WHO’s elimination targets and increasing screening demand in low- and middle-income countries.

The capital raise and option expiry extension come as TruScreen continues to build momentum from its recent 41% jump in product sales and seeks to scale its commercial footprint globally.