$5.06m Placement Complete
On behalf of Avecho Biotechnology Limited (ASX:AVE), I would like to thank everyone who has supported us and actively participated in this week’s capital raise – I am pleased to announce we have successfully raised $5m by Placement.
The placement was oversubscribed with >$23M in bids.
Our team is energised by the strong support we have received for this Placement from our exisiting shareholders, together with new sophisticated and professional funds too. As an example, a large commitment of $1m was made from Horizon 3 Biotech – its first major biotech investment and a show of confidence in our development programs.
These funds will be used to advance Avecho’s clinical cannabinoid program beyond our imminent studies, into Phase II and III studies, and for potential drug registration too.
– Dr Paul Gavin, Avecho Chief Executive Officer