Australian-based bio-separations and reproductive biotechnology company Memphasys Limited (ASX: MEM) has advised that a $1.35 million Convertible Note held by Non-Executive Director Andrew Goodall, has been acquired by existing major shareholder and sophisticated investor, Peters Investments Pty Ltd.
Mr Goodall, a major shareholder and long-term director and supporter of the company undertook this sale to fund the purchase of a rural property in NSW, Australia.
The terms of the note remain unchanged, with Peters Investments Pty Ltd able to acquire the note without requiring shareholder approval.
Should the note be converted, as per the terms, Peters Investments Pty Ltd would (based upon the current capital structure) have an interest in Memphasys of approximately 32%.
Memphasys is advancing the commercial roll-out of the Felix System – a novel automated device for quickly and gently separating high quality sperm from a semen sample for use in human IVF procedures – where it achieved commercial sales for both research and clinical IVF use in the previous quarter.
Advanced commercial discussions are continuing in markets with lower regulatory hurdles, where sales can occur now, such as Japan, India, Canada, New Zealand.