BCAL Diagnostics confirms funding progress under $10 million convertible note facility
BCAL Diagnostics Limited (ASX: BDX) has provided additional disclosures, at the request of the ASX, clarifying the status of its existing $10 million Convertible Note Facility. The update follows the Company’s announcement released on 29 June 2026 and relates to a facility first established on 21 October 2025.
This is an update on funding progress, not a new capital raise. To date, BCAL has drawn or committed $7.6 million under the facility, including the committed drawdown scheduled to 31 August 2026, leaving $2.4 million undrawn pending fresh shareholder approval.
The disclosure confirms that BCAL has funding in place to support product commercialisation and working capital into FY2027, with the remaining tranche held back until issue capacity is refreshed.
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How the drawdowns have progressed
The facility was approved by shareholders at the Annual General Meeting on 28 November 2025, with the notes required to be issued within three months of that approval date. The minimum conversion price, determined at the first issue date and applicable to all future convertible note issues, was fixed at $0.096459.
BCAL issued 3,100,000 convertible notes within the three months ending 28 February 2026, raising $3.1 million. Subsequent drawdowns followed across the first half of 2026, with a further committed drawdown planned prior to 31 August 2026.
The June 2026 announcement establishing the FY2027 funding commitments also flagged a $2.5M R&D Tax offset claim, with a $1.4M first tranche expected around 30 June 2026 and the balance due in October, providing a non-dilutive funding layer running alongside the convertible note drawdowns.
| Event | Amount | Effective Date | Conversion Shares |
|---|---|---|---|
| Drawn within 3 months (with approval) | $3.1M | 17 December 2025 and 29 January 2026 | 3,100,000 |
| Convertible note drawdown | $1M | 25 March 2026 | 10,367,099 |
| Convertible note drawdown | $1M | 10 June 2026 | 10,367,099 |
| Convertible note drawdown | $1M | 14 August 2026 | 10,367,099 |
| Planned and committed drawdown | $1.5M | Prior to 31 August 2026 | 15,550,648 |
| Capitalised interest to 30 June 2026 on the $5.1 million = $196,493 | — | 30 June 2026 | 2,027,062 |
| Convertible Note Interest, on $7.6 million drawn, to 31 December | — | 31 December | 2,032,376 |
| Undrawn | $2.4M | Pending approval | — |
Across the drawn and committed notes, together with capitalised interest, the total share issue capacity utilised is stated as 50,711,383 shares.
Understanding convertible notes — what it means for investors
For BCAL shareholders, the key terms of the facility are as follows:
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Interest rate of 10% per annum, capitalised annually.
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Maturity of 2 years from the issue date of each note, unless extended.
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Conversion discount of 20% where conversion occurs within one year of issue, or 25% where conversion occurs after one year.
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Minimum conversion price of $0.096459 and a maximum conversion price of A$0.30.
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The notes are unsecured and carry no voting rights until converted into shares.
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No Noteholder can convert without the consent of the Company.
What comes next for BCAL
The Company has stated that the remaining $2.4 million will not be drawn unless and until shareholder approval is obtained and issue capacity is refreshed at the FY2026 Annual General Meeting.
Key statement from the announcement
“The Company will not draw the remaining $2.4 million of convertible notes unless and until shareholder approval is obtained and issue capacity is refreshed at the FY2026 Annual General Meeting expected to be held on or around 15 October 2026.”
The stated purpose of the funds remains product commercialisation and working capital. On the commercial front, BCAL markets BREASTESTplus™, a non-invasive blood test used in conjunction with mammography to support breast health screening and diagnostic outcomes for women with dense breasts.
The Company also holds an exclusive license with ClearNote Health Inc., a US-based precision diagnostics company, for the sale and distribution of Avantect Pancreatic, Avantect Ovarian and Avantect multi-cancer blood tests in Australia and New Zealand.
With the drawn and committed funding secured through to 31 August 2026, the FY2026 AGM expected on or around 15 October 2026 stands as the next scheduled catalyst, where shareholders will consider whether to refresh the issue capacity required to access the remaining tranche.
For investors exploring the leadership context behind BCAL’s commercialisation push, our full explainer on the CEO appointment and commercial mandate covers the remuneration structure, the transition of outgoing CEO Shane Ryan to Director Clinical Affairs, and what the hire signals about the company’s shift from product development toward revenue generation.
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