Bio-Gene Raises $2.4m and Launches SPP
We are pleased to announce that Bio-Gene Technology Limited (ASX: BGT) has successfully
obtained commitments to raise $2.4 million via a share placement to sophisticated and
professional investors.
Bio-Gene is an Australian agtech development company enabling the next generation of novel
insecticides to address the global problems of insecticide resistance and toxicity. Its novel
platform technology is based on a naturally occurring class of chemicals known as beta-
triketones. Beta-triketone compounds have demonstrated insecticidal activity (e.g. kill or knock down insects) via a novel mode of action in testing performed to date.
Accelerating growth
The placement is part of a capital initiative to raise up to $3.9 million to strengthen the
Company’s Balance Sheet and fund its operations including:
• Continue and expand commercialisation discussions;
• Accelerate registration enabling studies;
• Enable additional research on product efficacy and Mode of Action; and
• General working capital.
The Placement is by way of the issue of 15,487,742 million fully paid ordinary shares at $0.155
per share raising a total of $2.4 million to new and existing sophisticated and professional
investors.
Expanding Studies
“These funds will ensure Bio-Gene can expand its commercialisation discussions
beyond the two existing partnerships and eight Material Transfer Agreements that are currently in place. Importantly, these funds will also enable the Company to accelerate its registration enabling studies and undertake additional studies including product efficacy and Mode of Action. All of these next steps are expected to further strengthen Bio-Gene’s value proposition or shareholders and our potential commercialisation partners”. Richard Jagger, Bio-Gene CEO and Managing Director.
A long-term partnership
Henslow has worked with Bio-Gene over the past four years as their corporate advisor.
Assisting the Company from initial seed capital, growth capital and their Initial Public Offering in December 2017. Bio-Gene is a terrific example of the long-term partnerships Henslow seeks to develop. We congratulate Richard Jagger and the broader BGT team on their efforts.
