Bod Science has yet to settle tranche one of its current capital raise following delays in receiving funds from the placement’s cornerstone investor, Antah Healthcare Group.
Earlier this month, Bod announced plans to raise more than A$2 million with Malaysian partner Antah committing to $1.1m worth of shares (36.67 million), which would give it a 14.9% stake in the company.
Bod told the ASX it has been advised by Antah that it is still waiting to receive a Monetary Authority of Singapore approval to transfer the funds.
Antah told Bod the approval is a formality and will occur imminently, after which its tranche one placement commitment of around $440k will be transferred “immediately”.
Bod added Antah has twice reconfirmed its commitment to the placement in writing, with settlement expected “in the coming days”.
UPDATE (November 22, 2023): Bod has received a A$1.65 million research and development (R&D) tax incentive rebate for FY23 covering, in full, a loan of $1.22m repayable to Radium Capital.
Bod said the rebate underscores its “commitment to drug development and product innovation including its ongoing clinical trial of a unique Schedule 3 (pharmacist-only) CBD medicine”.
Emyria has appointed Greg Hutchinson as independent non-executive chairman, replacing Dr Stewart Washer who steps into an unpaid advisory role.
Hutchinson has held leadership roles in clinical services delivery for more than 30 years, spending the last 13 as CEO of Sonic HealthPlus and Deputy CEO of Sonic Clinical Services, subsidiaries of S&P/ASX 100 firm Sonic Healthcare.
He has served as a board member of Tennis Australia since 2015.
Emyria CEO and MD Dr Michael Winlo said Washer had laid the foundations of “a company committed to personalised therapy and data acquisition to guide the development of innovative treatments to address unmet clinical needs”.
He added: “We are excited to welcome Greg, whose exceptional track record in founding and scaling clinical operations and healthcare management will be pivotal in our next growth phase, particularly in expanding our MDMA-assisted therapy program.”