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Medlab Clinical hunts $15m cash injection
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Medical research and development outfit Medlab Clinical is on the hunt for an equity injection to help fund clinical trails for its chronic disease-treating therapies.
Medlab Clinical was fronting funds on Wednesday with a capital raising.Â
Jim Rice
The company was hunting $15 million in fresh capital on Wednesday morning via a two-tranche placement, according to terms sent to funds.
The shares were being offering to potential investors at 24¢ each, which represented an 18.6 per cent discount to Medlabâs last close and a 26.9 per cent discount to the 30-day VWAP.
Money raised would go towards phase three clinical trials in the US, UK and Australia, as well as working capital, the term sheet said.