Rockeby Biomed raises $1.5m for R&D

West Perth-based biotechnology company Rockeby Biomed Ltd has raised $1.5 million through a placement, with funds raised going towards covering working capital costs, future research and development of existing products.

The full text of a company announcement is pasted below

The Company is pleased to announce that it has received firm commitments for the placement of 80,000,000 shares at 1.9 cents per share to sophisticated Asian investors. The placement was arranged by Novus Capital Limited and
will raise A$1.52m before costs of the issue.

The capital raising is designed to provide Rockeby with funds to develop the international expansion of its existing products including Pepp®, to continue its research and development activities and to cover working capital requirements over the remainder of the financial year.