- Medibio (MEB) has raises just under $730,000 from an entitlement offer for its medical research and marketing activities
- The company was originally seeking to raise up to $3.4 million from the entitlement offer and will continue to place any shortfall in the next three months
- MEB issued 145.9 million new shares at a price of 0.5 cents each
- It will issue 72.9 million new options exercisable at 1.5 cents and expiring at the end February 2024
- Shares are trading 12.5 per cent higher today at 0.5 cents each
Mental health tech company, Medibio (MEB) has raised just under $730,000 from an entitlement offer for its medical research and marketing activities.
The company was originally seeking to raise up to $3.4 million from the entitlement offer and will continue to place any shortfall in the next three months.
MEB issued 145.9 million new shares at a price of 0.5 cents each. At the time the offer was announced this represented a 27.5 per cent discount to the 15-day volume-weighted average price.
In addition, 72.9 million new options were issued on the basis of one option for every two shares subscribed for.
These are exercisable at 1.5 cents and will expire at the end of February 2024.
The funds were raised in conjunction with a previously completed placement, which raised $2.25 million.
The money will be used to support its depressive burden validation trial, which includes submitting data for FDA approval, establishing a trial to monitor sleep disturbances, and conducting a trial to monitor the effects of pharmaceuticals in psychiatric patients.
It will also be utilised for promotion, sales, and marketing activities as well as general working capital.
Shares were trading 12.5 per cent higher today at 0.5 cents each at 10:12 am AEDT.