Medlab Clinical (ASX:MDC) has completed a $24 million share placement.
According to the company, in what was a heavily over-subscribed placement, 26,666,667 ordinary shares have been placed with institutional and sophisticated investors in Australia and Asia.
“The support shown for the Placement has been extremely pleasing and appreciated," said CEO Sean Hall.
"These funds help put the Company in a strong financial position and allows Medlab to accelerate the commercialisation by some 12 to 18 months ahead of schedule of NanaBis (Medlab’s cannabis based medicine) under the Government’s Special Access Scheme."
The company recently received licence from the Victorian government to sell or supply its cannabis products in Australia, including NanaBis.
Mr Hall continued, "The funds also help Medlab to accelerate its research and development programme of other areas in chronic diseases, including obesity, diabetes and depression. Medlab would like to take this opportunity to thank Bell Potter Securities Limited and APP Securities Pty Ltd for completing such a successful Placement.”