Join our daily newsletter At The Bell to receive exclusive market insights
- Bio-Gene Technology (BGT) secures commitments to raise $3.2 million via a share placement
- More than 18 million fully paid ordinary shares will be issued to shareholders at $0.17 per share, subject to shareholder approval
- The funds raised will be used to strengthen the company’s balance sheet and allow it to expand its development activities
- This will include advancing the manufacturing programs for Qcide and Flavocide, and undertaking collaborative activities under recently announced partnerships with Evergeen and Clarke
- Bio-Gene Technology last traded at 30 cents on December 8
AgTech company Bio-Gene Technology (BGT) has secured commitments to raise $3.2 million via a share placement.
18,937,119 fully paid ordinary shares will be issued to shareholders at $0.17 per share, subject to shareholder approval. The share price represents a discount of 15 per cent to the $0.20 closing price on 6 December.
The funds raised from sophisticated and professional investors will be used to strengthen the company’s balance sheet and allow it to expand its own development activities.
Additionally, funds will be used to undertake collaborative activities under recently announced partnerships with Evergeen and Clarke. This includes advancing registration enabling studies and longer-term toxicology studies to support Bio-Gene’s commercial partners, the development of additional efficacy studies and general working capital.
The company will also look to further advance the manufacturing programs for its Qcide and Flavocide products.
Bio-Gene Chief Executive Officer and Managing Director, Richard Jagger said the company is delighted to have raised the funds which will enable it to accelerate its development programs.
“These funds will ensure Bio-Gene can further expand its company funded efficacy studies which will support further commercialisation discussions and continue its manufacturing development programs for Flavocide and Qcide,” said Richard Jagger.
“All of these next steps are expected to further strengthen Bio-Gene’s value proposition for shareholders and our current and future commercialisation partners.”
Bio-Gene Technology last traded at 20 cents on December 8.
