Bioxyne receives commitments to raise funds to further product development

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Australian life sciences, pharmaceutical and consumer health products company Bioxyne (ASX:BXN) has received firm commitments to raise $1.45 million.

The company said the funds would be used to fund further growth following the award of a Good Manufacturing Practice (GMP) license to produce medical cannabis and the recent grant to Breathe Life Sciences (BLS) of an upgraded and amended wholesale licence for MDMA and Psilocybin finished products by the TGA.

Bioxyne CEO Sam Watson said, “We are delighted with the support of existing and new shareholders for this capital raise. In a short period following the grant of our manufacturing licence we have added approximately $8m in new business to the sales pipeline.

"The upgraded licence for BLS is another significant milestone in the company’s mission to develop and promote access to psychedelic medicines in Australia and abroad, and the additional working capital will accelerate our growth in this endeavour.”