Nearly two-thirds of shares offered by early cancer detector Bard1 Life Sciences in an entitlement offer have gone begging, with only $1.2 million of a $3.3m target raised.

Bard1 (ASX:BD1) has combined a biomarker and an algorithm into a blood test that can detect 6 per cent more cases of ovarian cancer than simply by using the algorithm. It also has a similar test for lung cancer.

The company announced an entitlement issue last month to raise up to $3.3m to advance the development of its diagnostics pipeline.

“BARD1’s vision is to develop blood tests to detect cancer early and save lives,” company chief Dr Leearne Hinch said at the time. “These funds will assist the company to advance its innovative diagnostics pipeline towards clinical development and commercialisation to benefit patients, the healthcare system and our shareholders.”

But today it said it had received subscriptions for only 35 per cent, or 59.1m, new shares on offer.

The remaining shortfall will be picked up by Merchant Corporate Advisory.

Bard1 was the talk of the town back in October, when it skyrocketed 475 per cent to a high of 7.5c after adding breast cancer to its diagnostics stable.

But the shares have tumbled since, and are currently sitting at 1.9c.

Bard1 shares (ASX:BD1) over the past three months.