Bone Medical pursues placement

Bentley-based Bone Medical Ltd is undertaking a private placement with strategic investors to pursue the commercialisation of its biopharmaceutical projects.

The company has already raised around $1 million through the subscription of shares priced at 25c apiece.

Bone said it is working with strategic investors to finalise commitments and expects to complete the private placement by the end of July.

Recently appointed chairman Mr Leif Helth Jensen advised, "We believe this funding will provide the company with a financial base to progress the development of Bone's product marketing."

Major shareholder Proxima Concepts continues to support Bone Medical in research, development, regulatory affairs and financially.

The total subscribed to date excludes the contribution from Proxima Concepts which is by conversion of outstanding obligations of $250,000 and will be subject to shareholder approval at an extraordinary general
meeting. The notice of extraordinary general meeting will soon be forwarded to shareholders.