http://www.perthnow.com.au/business/was-obj-ltd-in-19m-raising-fo...

http://www.perthnow.com.au/business/was-obj-ltd-in-19m-raising-for-drug-delivery-system/story-e6frg2qu-1225807834566...


WA's OBJ Ltd in $1.9m raising for drug delivery system


* December 07, 2009 1:00PM


A WA company with an innovative drug delivery system will raise up to $1.9 million through a share placement to fund ongoing research.

OBJ Ltd, which aims to develop and commercialise its drug and cosmetic transdermal systems, today said it will place up to 85 million shares through a private placement at 2.3c a share - including one free option for each two ordinary shares.

In addition, OBJ will proceed with a fully underwritten non-renounceable rights issue on a one-for-nine basis, also issued at 2.3c/share with a one-for-two option.

The Leederville-based company said the rights issue was expected to raise about $2.1 million and, when combined with the private placement, would boost company coffers by about $4 million.


The proceeds for the placement and rights issue are to be used to assist funding working capital, business development activities, international collaborations and additional research and development,'' the company said.

The share placement and rights issue come a month after OBJ announced it had entered into a materials transfer agreement with 3M Corporation of the US to evaluate OBJ's eM-patch technology for transdermal drug delivery. Trial results are expected in February.

OBJ develops low-cost, high-performance patch and applicator products.

It will focus on developing new products for supply or licencing and provide feasibility assessments, patch formulations, testing and intellectual property development services to partner companies.