Memphasys secures binding commitments for $1.275 million through share placement

Reproductive technology company Memphasys came out of a trading halt on Monday morning, telling investors that it has received binding commitments to raise $1.275 million through a strategic placement.

In a statement to the ASX, Memphasys said the commitments were from new and existing shareholders, amounting to 212,500,000  ordinary shares at $0.006 per share. Participants also receive a free attaching option for every share, exercisable at $0.011 and expiring on April 15, 2027. 

The proceeds will be used for purposes including advancing strategic discussions concerning the Felix (pictured) and RoXsta products – “including licensing, JV, and distribution opportunities” – as well as support for ongoing studies of RoXsta, and for general working capital.

The news follows what Memphasys described as results from a “pivotal clinical trial” for the Felix System, “confirming its best-in-class performance in sperm selection for Assisted Reproductive Technology (ART)” in March.

Dr David Ali, the company’s CEO and Managing Director, said on Monday that the investor support “reflects growing market interest, continued belief in our strategy and the significant commercial opportunity in front of us. 

“The recent Felix clinical trial outcome validates our technology and has already driven deeper engagement with partners globally. RoXsta is steadily gaining traction and is set for a solid future across multiple applications.”

Roxsta is an antioxidant assay system for measuring oxidative stress, a traditionally time-consuming process. The solution offers “groundbreaking advancements for industries ranging from healthcare to food quality control” according to Memphasys.

The ongoing studies of Roxsta relate to bull fertility and dairy mastitis.

Shares had been in a trading halt since Thursday last week.

Picture: credit Memphasys

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