bioMD ups Celxcel stake to 76.3%

Perth-based medical device supplier bioMD Ltd has increased its shareholding in bioimplant development company Celxcel Pty Ltd to 76.3 per cent, with the remaining shares held by the company's founding shareholders.

The full text of a company announcement is pasted below

The Directors of bioMD Limited (ASX:BOD) are pleased to announce that on 3 May 2007, the Company acquired a further 4.816% in bioimplant development company Celxcel Pty Ltd ("CXC") increasing its shareholding from 71.5% to 76.316%.

The remaining shares are held by three founding shareholders of CXC.

CXC undertook a capital raising from existing shareholders last month to fund working capital for a further 12 month period.

bioMD's investment of $900,000 is providing working capital for Celxcel as it progresses its regulatory approvals process for the Australian market, and continues its pre-clinical and anticipated human trials of its ADAPT® Advanced Tissue Process.