Cannabis-focused drug development and product innovation company Bod Science (ASX:BOD) says it has received firm commitments from professional and sophisticated investors for a placement of new, fully paid ordinary shares to raise approximately $1.9 million.
The company said the proceeds will be utilised for research and development costs and general working capital.
CEO Ms Jo Patterson said, “We are incredibly pleased with the support we’ve received from new and existing investors. We are on the precipice of an exciting chapter where we will now turn our attention to completing the Phase IIB clinical trial, obtaining ARTG registration and commercialising our uniquely developed CBD product for insomnia.
“I’d like to take this opportunity to thank existing shareholders, and welcome new investors to the Bod Science register.”
The company said the placement comprises the issue of approximately 24.1 million Shares at the offer price of A$0.08. Participants will also be offered one unlisted free attaching option for every two shares allocated in the placement, with an exercise price of $0.10 per option and an expiry date of 30 June 2024.