The share price of Memphasys doubled today after the Australian biotech play received a $1 million investment from well-known horse owner-breeder Bob Peters to advance its fertility work.
The stock climbed 100%, or 0.1c, to 0.2c in Friday trading. The investment – via a placement of 1 billion shares at 0.1c per share – will see Mr Peters’ investment company, Peters Investments, take an 18.3 per cent stake in Memphasys.
Mr Peters is a prominent Australian horse owner-breeder who has been involved in the horse industry over many decades.
Horses are well known to have a high rate of pregnancy failure due to sperm quality issues among stallions, with both natural and assisted reproductive technologies,” said Memphasys Executive Chairman Alison Coutts.
“This lack of equine fertility success causes emotional distress to horses as well as significant economic losses for their owners.
We see a significant commercial opportunity that is not only beneficial to MEM, but also to owners and veterinarians in their endeavour to achieve pregnancy with horse breeds that allow artificial insemination.
Memphasys – which has developed unique, patented IP for separating the best quality sperm from semen samples – is applying its core bio-separation technology to assist with animal reproduction in horses and other animals where sperm processing and quality is an issue.
This work is being carried out in conjunction with Newcastle University’s Pro Vice Chancellor of the Faculty of Health and Medicine, Professor John Aitken, and his Newcastle University research team.
The funding secured from Peters Investments will be used to advance these activities.