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- Reproduction biotechnology and bio-separations company Memphasys (MEM) launches a $3.36 million capital raising
- The raise will comprise a $1.6 million placement and a $1.76 million non-renounceable entitlement offer
- The placement funds will be raised via the issue of 80 million shares at two cents, while the entitlement offer allows participants to receive one new share for every nine held
- Memphasys will use the combined funds to continue commercialisation of its sperm separation technology, the Felix System, as well as undertake clinical trials
- Shares in Memphasys are down 24.4 per cent on the market and are trading at 3.4 cents at 3pm AEST
Reproduction biotechnology and bio-separations company Memphasys (MEM) has launched a $3.36 million capital raising.
The raise will comprise a $1.6 million placement and a $1.76 million non-renounceable entitlement offer.
Under the placement, 80 million shares will be issued to sophisticated and professional investors at two cents each.
The placement includes a $435,851 participation from Memphasys’ largest shareholder, Peters Investments.
As part of the entitlement offer, participants will receive one new share for every nine held with shares to be priced the same as the placement at two cents.
Peters Investments has agreed to underwrite $479,544, while CEO and Managing Director Alison Coutts has agreed to underwrite $42,652.
Memphasys will use the money from both the placement and entitlement offer to continue the commercialisation of its Felix System, as well as undertake clinical trials.
Felix is Memphasys’ novel device that quickly and gently separate high-quality sperm from semen.
The money will also be used to develop Memphasys’ other products with the University of Newcastle research team and develop the next generation Felix.
Shares in Memphasys were down 24.4 per cent on the market and were trading at 3.4 cents at 3pm AEST.
