Memphasys (ASX:MEM) to raise $4.2M for strategic initiatives

Australian bio-separations and reproductive biotechnology company Memphasys plans to raise approximately $4.2 million through a share placement and a pro-rata non-renounceable rights issue.

Funds will be utilised for commercial opportunities with FelixTM, ongoing product development activities with RoXsta and AI-Port, settling outstanding debt creditors, and providing working capital.

The placement involves issuing approximately 210 million fully paid ordinary shares at 1 cent each, raising $2.1 million, plus converting $511,747 of debt into equity.

An entitlement offer will provide two new shares for every nine existing shares at an issue price of 1 cent per share.