Rua Bioscience has raised approximately NZ$1.2 million (A$1.1m) from investors as the company continued what chairwoman Anna Stove called its “ongoing journey”.
While the raise fell well short of the $3.1m targeted by the company, Stove said it demonstrated a “strong vote of confidence from shareholders”.
A total of 47m new shares have been issued at $0.025 per share.
Funds will be used for working capital to “grow sales”, Stove said.
“While the $1.2m raised is a strong vote of confidence from existing shareholders, this is part of an ongoing journey,” she said.
“The board remains confident in securing additional funding through the placement and are also vigorously pursuing new options for the sale of the Gisborne manufacturing facility.”
Rua announced in August that it had reached an agreement to sell its facility to Awa Ora Genesis Kaitiaki Harakeke Trust of Te Araroa.
However, in October the company said it had not received settlement on the agreed date and was working with other “credible partners on an alternative purchase plan”.
Rua has overseen strong sales growth in FY25, with the company now selling product in New Zealand, Australia, UK and Germany.
