Bod Australia has successfully raised A$2 million from new and existing shareholders to fund the acquisition of Aqua Phase, a UK-developed technology that aims to increase the bioavailability of cannabis compounds.
The market reacted positively to the news with shares rising 5.7% to close on $0.093c.
An initial entitlement offer to raise the funds received applications from 318 shareholders, generating $550k.
A further $100k was raised by issuing 1.25m shares to Bod chairman David Baker, while firm commitments to place almost 17m shortfall shares have been received from sophisticated and professional investors.
Bod had already raised $1.5 million under an earlier placement, taking the total raised to $3.5m
The funds will help fund the Aqua Phase acquisition and as well as contribute towards research and development costs and working capital.
Bod chief executive Jo Patterson said: “We are most appreciative of the strong support from many of Bod’s long-standing shareholders for this capital raising.
“We are also pleased with the response we have received from new investors as part of the subsequent shortfall offer.
“We believe that the success of the capital raising reflects a broader recognition by investors of the transformational nature of the Aqua Phase acquisition for Bod.”
Cann Group’s GMP manufacturing licence for its Mildura facility has been extended to cover the manufacture and release of patient-ready dried-flower products.
Crops currently under cultivation have been “allocated to this purpose”, the company said, adding that its GMP-approved laboratory testing capabilities will test products released from Mildura.
The licence was initially issued at the end of June covering the manufacture of dried flower as an Active Pharmaceutical Ingredient (API) and hard capsule manufacturing.
Chief executive Peter Crock said: “This licence extension allows Cann to now manufacture patient-ready dried-flower products at our Mildura facility, allowing us to quickly respond to market demands.”
Cann shares climbed 2% today to $0.265c per share.
Former rugby league star James Graham has joined MediCann Health as an ambassador.
Graham, who enjoyed a stellar career in the UK with St Helens and with the Bulldogs and St George in Australia, has spoken frequently about his multiple concussions and how medicinal cannabis helped him recover.
He will be part of MediCann’s concussion advisory, helping to promote the firm’s forthcoming concussion research trial.
Graham said: “I want to raise awareness of the multitude of benefits this [medicine] can bring to someone’s life. Most noticeable is the sleep quality for me. Before medicinal cannabis, I’d struggled for more than 20 years to get a good night’s sleep. I also have pain and anxiety issues [it] makes a huge difference with.”
MediCann founder Matt Shales added: “Having James as an ambassador is integral to presenting medicinal cannabis as a legitimate treatment for those who suffer from concussion on the sporting field. We’re really excited to have him on board.”
Meanwhile, the firm’s capital raise via crowdfunding platform Birchal has kicked off, reaching its minimum target of A$250k within one hour and standing at nearly $507k from 284 investors at the time of writing. MediCann is looking to raise up to $3m in total.
MGC Pharma has appointed Yifat Steuer as the company’s new chief operating officer/deputy CEO.
Steuer, who has been an advisor to the firm’s executive team during 2022, has more than 20 years’ experience as an executive working in pharmaceutical companies including Johnson & Johnson and GlaxoSmithKline, as well as SMEs and start-ups.
She will work closely with CEO Roby Zomer to execute on MGC Pharma’s business strategy, utilising her experience in pharmaceuticals, manufacturing, logistics, medical technology and digital health.
Meanwhile, Brett Mitchell’s role as chairman of the company’s board of directors has transitioned from an executive to a non-executive position, to be more in line with corporate structuring of UK-listed companies.
Mitchell will continue to provide corporate and capital markets advisory services through an existing consultancy agreement between MGC and his private consulting company.
Wellnex Life is launching Hollywood actor Mark Wahlberg’s nutrition and supplements brand Performance Inspired via Chemist Warehouse in Australia, with instore and online sales starting this week.
Performance Inspired was founded in 2015 by Wahlberg and business partner Tom Dowd and has become one of the fastest-growing nutrition brands in the US.
Wellnex has signed an exclusive licensing agreement for Australia and New Zealand, with first rights to expand into Asia.
The company also announced its joint venture with Australian Dairy Nutritionals will see Ocean Road Dairies, an organic A2 infant formula using Australian milk, on Chemist Warehouse shelves shortly.
Wellnex anticipates Ocean Road Dairies will fill a niche in the market for a premium infant
formula and as an alternative to regular cow’s milk.
Meanwhile, the firm recorded record revenue of A$6.88m in Q1, FY23, up 81% on the prior corresponding period’s $3.8m, with sales growth from Wellnex’s wholly owned brands as well as contract manufacturing.
CEO George Karafotias said: “We’re excited to be diversifying our portfolio of products as we look to build our presence in the health and wellness market and be one of the first companies to break into the over-the-counter medicinal cannabis market.”