Capital injection advances Rockeby's marketing plans

Rockeby Biomed (ASX:RBY) has secured AUD$3 million from institutional and high net worth investors including current investors Queensland Investment Corporation and Thorney Holdings, which will both increase their holdings to become substantial shareholders.

The placement, which includes shares at $0.05 as well as one option worth $0.09 per share subscribed, is subject to shareholder approval, and will be put to the vote at a general meeting scheduled for mid-October.

Rockeby CEO Sze-Wee Tan said the funding would be used to support Rockeby's upcoming 510(k) application to the FDA for its CanDia5 rapid test for yeast infection, as well as partnering and marketing activity in the US.

"We currently plan to submit our registration dossier from our recently completed 200 patient trial for US FDA 510(k) regulatory approval in the month of September 2004 and this is expected to result in US product approval for CanDia5 in early 2005," said Tan.

Capital is also earmarked for further R&D activities and to support the expansion of the product in the existing markets of Australia, New Zealand, Singapore and Malaysia.

Tan said if all of the options included in the placement were exercised, Rockeby would have sufficient funding to last it until late 2006.

The current share price of the company is $0.08. The voluntary suspension of trading requested by the company on September 6, while it conducted the placement, has been lifted.