VRI to raise $2.9 million
Tuesday, 30 March, 2004
VRI Biomedical has announced plans to raise up to AUD$2.9 million through a just completed share placement and a non-renounceable rights issue to be put towards production and marketing of the company's proTract probiotic products.
The recent placement of nearly 5 million shares at $0.16 per share to institutional investors has raised about $743,000 after costs, while the rights issue, which is fully underwritten, is expected to raise $2.1 million.
VRI has recently launched the proTract products for symptomatic relief of gastrointestinal disorders including irritable bowel syndrome and diarrhoea in Australian pharmacies and expects 3000 pharmacies to be carrying the products by June.
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