Perth, Australia, and Minneapolis, USA: Medibio Limited (MEB or the Company) (ASX: MEB) (OTCPINK: MDBIF) is pleased to advise that it has received firm commitments to raise $2.25m through the issue of 1,500,000,000 new fully paid ordinary shares (“Shares”) and an issue price of $0.0015 per Share (“Placement”).
The Placement was well supported by a range of new and existing international and domestic institutional, professional and sophisticated investors. The Placement also includes commitments from Non-Executive Chairman, Mr David Trimboli and other senior management personnel for $100,000 collectively. Mr Trimboli’s participation will be subject to shareholder approval at an upcoming General Meeting to be held in early October.
New funds from the Placement will be used to fast track the company’s Phase 2 clinical trial for its Sleep Signal Analysis for Current Major Depressive Episode study (SAMDE), which aims to validate Medibio’s innovative algorithm (MEB001) to assist in the screening and diagnosis of a current major depressive episode (cMDE) in test subjects.
Additional capital will also be deployed towards progression of Medibio’s De Novo regulatory pathway with the US Food and Drug Administration (FDA) for MEB-001, as well as the commercial roll-out of Stager, MEB’s disruptive AIbased software solution that provides research groups with new data metrics in sleep studies.
