Agtech development company Bio-Gene Technology (ASX:BGT) has announced it has raised around $1.9 million through a placement and share purchase plan.
The company announced the raise in early September. It has now confirmed that, in addition to commitments to raise $1.4 million via a share placement to sophisticated and professional investors, it has received a further amount of $500,000 as part of the placement.
The company is developing novel insecticides to address insecticide resistance. It said it would use the funds raised to enable the production of FLAVOCIDE active constituent. It will also support key toxicology and other studies required for inclusion in the data dossier to support an application for registration of FLAVOCIDE active constituent in Australia.
Bio-Gene’s managing director and CEO Tim Grogan said, “The support of Bio-Gene’s shareholders is critically important in enabling the Company to move forward with the development and commercialisation of the FLAVOCIDE active constituent. We are very pleased with the response to the placement from sophisticated and professional investors, and the SPP enables our Eligible Shareholders to participate in the Company’s current capital raising.”