Anadis to raise $4.25m in private placement

Melbourne-based Anadis (ASX:ANX) is making the best of its lofty share price, announcing today that it will issue 10.9 million shares at AUD$0.30, raising $4.25 million.

The shares will be issued by way of a private placement, to be taken up by Anadis' current largest shareholders Victorian dairy giant Tatura Milk Industries and Paracroft, who will receive 10.1 million and 800,000 shares respectively. In June, Anadis signed an agreement with long-time collaborator, Tatura, securing its supply of antibody-rich colostrum from Tatura cows vaccinated with its patented vaccines. The agreement also gave Anadis access to Tatura's facilities for extracting and freeze-drying colostrums antibodies.

Anadis CEO Conor Graham said the investment by Tatura Milk Industries would strengthen the important linkage between the companies.

The funds will be directed to further commercialisation of the company's traveller's diarrhoea product Travelan, and scale-up for the production of other products coming through the company's development pipeline.

Anadis' share price increased by 177 per cent last financial year as it gears up to launch its colostrum-based products for protection against bacterial infection. At time of writing it was up 7 per cent to $0.405.