- Avecho Biotechnology (AVE) has entered the week in a trading halt while it plans a capital raise
- Currently, there are no details about how much the company is aiming to raise and where the funds will be spent
- Company shares will be paused until Wednesday, February 10, or when more information about the raise is released to the market
- Last December, the company joined Australia’s longest-running medicinal cannabis study
- On the market, Avecho last traded for 2.7 cents per share on February 5
Avecho Biotechnology (AVE) has started the week in a trading halt as it prepares to raise money.
So far, there are no details about how much the company is aiming to raise and where the funds will be spent.
Under the halt, AVE shares will be paused until Wednesday, February 10, or when more information is released to the market.
Avecho develops and commercialises innovative human and animal heal products using its drug delivery system called Tocopheryl Phosphate Mixture (TPM).
Last December, the company joined Australia’s longest-running medicinal cannabis study. The CA Clinics Observational Study will test the performance of Avecho’s oral cannabidiol TPM formulation across 3000 patients in Australia.
“This trial is an important step in gathering real-world evidence from patients.
Entering into an existing trial framework provides Avecho with both cost and speed advantages,” CEO Paul Gavin said in December.
For the December quarter, Avecho spent $730,000 on operating costs, with $266,000 spent on research and development. The company finished the period with just over $1.8 million in the bank.
On the market, Avecho last traded for 2.7 cents per share on February 5.