Memphasys to accelerate FELIX commercialisation with $3.36 capital raising - TechInvest Magazine Online

Australian-based bio-separations and reproductive biotechnology company Memphasys Limited (ASX: MEM) is undertaking a capital raising via a placement and a pro rata non-renounceable rights issue to raise up to approximately $3.36 million.

The company has received firm commitments in respect of a placement to issue approximately 80 million fully paid ordinary shares at 2 cents each to raise $1.6 million from sophisticated and institutional investors, including $435,851 from the company’s largest shareholder, Peters Investments Pty Ltd.

The company has also revealed it will be undertaking a pro rata non-renounceable entitlement offer of one new share for every nine shares currently held by eligible shareholders, at an issue price of 2 cents per Share, to raise up to $1.76 million.

The Entitlement Offer is fully underwritten by Canaccord Genuity (Australia) Limited, who will also act as Lead Manager to the Placement and Entitlement Offer.

Use of Funds

The Placement and Entitlement Offer proceeds will be applied towards:

• continuing the commercialisation of the Felix System, including bolstering sales and marketing activities in low regulatory markets,
• undertaking Felix System clinical trials and other regulatory activities,
• continuing the development of other pipeline products with the University of Newcastle research team,
• commencing development of the next generation Felix System,
• repayment of existing debt, expenses of the offer and general working capital.

https://www.memphasys.com/