Medibio Ltd. said it closed an oversubscribed institutional placement to raise A$13.9 million.
The company received firm commitments for 38,736,640 shares, priced 36 Australian cents apiece. The placement will be conducted in a single tranche.
The company will use the funds to build its organizational infrastructure for product commercialization, to establish requirements and testing of products and products under development for future market verticals, to develop its technology platform and to position itself for regulatory approvals on future products.
Aesir Capital Pty Ltd acted as sole lead manager to the transaction.