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- Bio-Gene Technology (BGT) places its shares in a trading halt while it plans the details of an upcoming capital raising
- The company will remain in the halt until December 9 or when more information is released to the market, whichever occurs first
- Yesterday, Bio-Gene announced it had signed a research agreement with the University of Florida to advance its programs with Qcide and Flavocide against strains of flying insects
- A phase two trial will begin shortly to explore the synergetic traits which may be evident in combination treatments of both products with other compounds
- Shares in Bio-Gene last traded at 20 cents on December 6
Bio-Gene Technology (BGT) has placed its shares in a trading halt while it plans the details of an upcoming capital raising.
The company will remain in the halt until December 9 or when more information is released to the market, whichever occurs first.
Bio-Gene is yet to disclose how much it intends to raise or what it will use the funds for once received.
Yesterday, the company announced it had signed a research agreement with the University of Florida to advance its programs with Qcide and Flavocide research programs.
Phase one testing has been completed and confirmed the activity of Qcide and Flavocide against resistant strains of flying insects.
Phase two testing will now explore the synergetic traits which may be evident in combination treatments of both products with other compounds.
The phase two study will begin early next year with the reporting of results planned for Q2 2022.
Bio-Gene last tapped investors for cash in May 2020 when it undertook a $2.4 million placement.
The funds were raised through the issue of 15,487,742 million fully-paid ordinary shares to new and existing sophisticated investors at 15.5 cents.
In addition, Bio-Gene also undertook a share purchase plan to raise a further $1.5 million, with eligible shareholders able to subscribe for up to $30,000 worth of shares.
The company stated it would use the money to expand commercialisation discussions, speed-up registration studies and undertake research on product efficacy.
Shares in Bio-Gene last traded at 20 cents on December 6. The company has a $30.32 million market cap.
