Company News: Bod Australia; Cann Group; MediCann Health; MGC Pharma; Wellnex Life
Bod Australia has successfully raised A$2 million from new and existing shareholders to fund the acquisition of Aqua Phase, a UK-developed technology that aims to increase the bioavailability of cannabis compounds.
The market reacted positively to the news with shares up 5.7% to close at $0.093c.
A first right-to-raise offering received applications from 318 shareholders, raising $550,000.
A further $100,000 was raised by issuing 1.25 million shares to Bod Chairman David Baker, while firm commitments to place nearly 17 million missing shares were received from sophisticated and professional investors.
Bod had already raised $1.5 million in an earlier placement, bringing the total raised to $3.5 million.
The funds will help finance the acquisition of Aqua Phase and will also contribute to research and development costs and working capital.
Bod Chief Executive Jo Patterson said: “We very much appreciate the strong support of many long-standing Bod shareholders for this fundraising.
“We are also pleased with the response we have received from new investors in the follow-on shortage offering.
“We believe the success of the fundraising reflects broader recognition by investors of the transformational nature of the Aqua Phase acquisition for Bod.”
Cann Group’s GMP manufacturing license for its Mildura plant has been extended to cover the manufacture and marketing of patient-ready dried flower products.
Cultures currently being grown have been “earmarked for this purpose”, the company said, adding that its GMP-approved laboratory testing capabilities will test products released from Mildura.
The license was initially issued at the end of June for the manufacture of dried flowers as an active pharmaceutical ingredient (API) and the manufacture of capsules.
Managing Director Peter Crock said: “This license extension allows Cann to now manufacture patient-ready dried flower products at our Mildura facility, enabling us to respond quickly to market demands.
Shares of Cann climbed 2% today to $0.265 per share.
Former rugby league star James Graham has joined MediCann Health as an ambassador.
Graham, who enjoyed a stellar career in the UK with St Helens and with the Bulldogs and St George in Australia, has often spoken of his multiple concussions and how medicinal cannabis helped him recover.
He will serve on MediCann’s Concussion Council, helping to promote the company’s upcoming concussion research trial.
Graham said: “I want to raise awareness of the multitude of benefits that this [medicine] can bring to someone’s life. Most noticeable is the quality of sleep for me. Before medical cannabis, I had struggled for over 20 years to get a good night’s sleep. I also have pain and anxiety issues [it] makes a huge difference with.
MediCann Founder Matt Shales added, “Having James as an ambassador is key to showcasing medicinal cannabis as a legitimate treatment for those who suffer from concussions on the sports field. We are really happy to have him on board.
Meanwhile, the company’s fundraising via crowdfunding platform Birchal has kicked off, hitting its minimum target of A$250,000 within an hour and rising to almost $507,000 from 284 investors at the time of release. writing. MediCann is looking to raise up to $3 million in total.
MGC Pharma has appointed Yifat Steuer as Chief Operating Officer/Deputy Managing Director of the company.
Steuer, who served as an advisor to the firm’s management team in 2022, has more than 20 years’ experience as an executive at pharmaceutical companies such as Johnson & Johnson and GlaxoSmithKline, as well as SMEs and start-ups. .
She will work closely with CEO Roby Zomer to execute MGC Pharma’s business strategy, utilizing her experience in pharma, manufacturing, logistics, medical technology and digital health.
Meanwhile, Brett Mitchell’s role as chairman of the company’s board was changed from an executive to a non-executive position, to be more in line with the structuring of UK listed companies.
Mitchell will continue to provide corporate and capital markets advisory services through an existing advisory agreement between MGC and his private advisory firm.
Wellnex Life is launching Hollywood actor Mark Wahlberg’s Performance Inspired nutrition and supplement brand through Chemist Warehouse in Australia, with in-store and online sales starting this week.
Performance Inspired was founded in 2015 by Wahlberg and his business partner Tom Dowd and has become one of the fastest growing nutrition brands in the United States.
Wellnex has signed an exclusive license agreement for Australia and New Zealand, with the first expansion rights in Asia.
The company also announced that its joint venture with Australian Dairy Nutritionals will see Ocean Road Dairies, an organic A2 infant formula using Australian milk, on Chemist Warehouse shelves shortly.
Wellnex anticipates Ocean Road Dairies will fill a niche in the market for premium infant
formula and as an alternative to regular cow’s milk.
Meanwhile, the company posted record revenue of A$6.88 million in the first quarter of FY23, up 81% from A$3.8 million in the previous corresponding period. , with growth in sales of brands wholly owned by Wellnex as well as contract manufacturing.
CEO George Karafotias said, “We are excited to diversify our product portfolio as we seek to strengthen our presence in the health and wellness market and be one of the first companies to break into the market. over-the-counter medicinal cannabis. ”