We are excited to announce significant financial developments that promise to propel our innovative projects forward. These new funds are set to support the expansion of the Felix™ System’s commercial activities in Japan and the Australian clinical trials, among other key initiatives.
Substantial Investment from a Trusted Partner
In a show of continued confidence and support, our second largest shareholder and long time supporter of Memphasys, has committed to buying 62.5 million shares at $0.008 per share, raising $500,000 before costs. Raising was conducted at current market price (as at closing price 26 July 2024) at a 1.7% premium to the 5-day Volume Weighted Average Price. This signals strong market confidence in our ongoing and future initiatives.
Boost Through R&D Tax Rebate Financing
Further bolstering our financial position, we have secured $586,000 through a loan against our expected 2023/24 R&D Tax Rebate. This loan is part of an advance on the approximate $1.1 million R&D rebate anticipated in September 2024. The loan, featuring a 15% annual interest rate, is designed to mature by November 30, 2024, with possibilities for extension. These funds will primarily aid the continued development and commercialisation of the Felix™ System, which has already started making a significant impact on reproductive health technology.
Expanding the Felix™ System and Beyond
The Felix™ System has been a groundbreaking development in the field of reproductive health, achieving commercial sales in Japan and contributing to multiple live births in Japan and India. The additional funds will also support ongoing clinical trials aimed at regulatory submission to Australia’s Therapeutic Goods Administration (TGA), expected to be completed by the end of this year. In addition, the funding will facilitate the advancement of a new Oxidative Stress measurement system. This project is being developed in collaboration with the University of Newcastle under the guidance of our Scientific Director, Laureate Professor John Aitken, and Klean Gene Pty Ltd, directed by seasoned professionals Michael Cameron and Rod Wellstead.
A Vote of Confidence and a Path Forward
The placement of shares at a premium not only underscores the confidence of our major shareholders, but also highlights the recognised potential of our product pipeline. “We are pleased to have secured these funds to support the advancement of our commercial activities,” said MEM Chairman Robert Cooke.
We are poised for significant advancements in the field of biotechnology, dedicated to improving lives through innovative health solutions. This recent funding is a testament to the faith our stakeholders have in our vision and strategies.