Medibio has announced that it has received "firm commitments" to raise approximately $3.1 million in a capital raise through a share placement.
The placement of 7,730,087 ordinary shares at a price of $0.40 will be conducted using the company’s existing placement capacity under ASX Listing Rule 7.1.
According to the company, the placement was strongly supported by domestic
institutions, and Foster Stockbroking has acted as sole Lead Manager for the capital raising.
The company said it intends to use proceeds from the placement to fast track the commercialisation of its Circadian Heart Rate (CHR) technology.
The technology offers the first objective test to assist in the diagnosis of depression,
other mental health disorders, and the assessment of stress, said the company.
"A number of initiatives will be moved forward with the aim to start them this calendar year rather than their previously programmed starts in 2016 or 2017," it said.