Bod Australia
Bod Australia has completed a A$2 million capital raise from new and existing shareholders to support the acquisition of Aqua Phase, a UK-developed technology designed to improve the bioavailability of cannabis compounds.
The announcement was well received by the market, with the company's shares gaining 5.7% to finish the session at $0.093c.
An initial entitlement offer attracted applications from 318 shareholders, bringing in $550k.
An additional $100k came through the issue of 1.25 million shares to Bod chairman David Baker, while sophisticated and professional investors have committed to taking up nearly 17 million shortfall shares.
Combined with an earlier placement that raised $1.5 million, Bod has now secured a total of $3.5m.
The proceeds will go toward completing the Aqua Phase acquisition, along with research and development expenses and general working capital requirements.
Bod chief executive Jo Patterson said: "We are most appreciative of the strong support from many of Bod's long-standing shareholders for this capital raising.
"We are also pleased with the response we have received from new investors as part of the subsequent shortfall offer.
"We believe that the success of the capital raising reflects a broader recognition by investors of the transformational nature of the Aqua Phase acquisition for Bod."
Cann Group
Cann Group has received an extension to the GMP manufacturing licence covering its Mildura facility, which now includes the manufacture and release of patient-ready dried-flower products.
Current crops under cultivation have been "allocated to this purpose," the company said, noting that GMP-approved laboratory testing at the facility will be used for products released from Mildura.
The licence was originally granted at the end of June, covering dried flower production as an Active Pharmaceutical Ingredient (API) and hard capsule manufacturing.
Chief executive Peter Crock said: "This licence extension allows Cann to now manufacture patient-ready dried-flower products at our Mildura facility, allowing us to quickly respond to market demands."
Cann shares climbed 2% today to $0.265c per share.
MediCann Health
Retired rugby league player James Graham has come on board as a brand ambassador for MediCann Health.
Graham, who had a distinguished playing career with St Helens in the UK and later with the Bulldogs and St George in Australia, has spoken openly about the concussions he sustained throughout his career and the role medicinal cannabis played in his recovery.
He will sit on MediCann's concussion advisory and help promote the company's upcoming concussion research trial.
Graham said: "I want to raise awareness of the multitude of benefits this [medicine] can bring to someone's life. Most noticeable is the sleep quality for me. Before medicinal cannabis, I'd struggled for more than 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 integral to presenting medicinal cannabis as a legitimate treatment for those who suffer from concussion on the sporting field. We're really excited to have him on board."
Separately, the company's crowdfunding raise through Birchal got off to a swift start, hitting its minimum target of A$250k within the first hour and reaching nearly $507k from 284 investors at the time of writing. MediCann is seeking to raise as much as $3m in total.
MGC Pharmaceuticals
MGC Pharma has named Yifat Steuer as its new chief operating officer and deputy CEO.
Steuer, who served as an advisor to the company's executive team throughout 2022, brings over 20 years of pharmaceutical executive experience, having held roles at major companies including Johnson & Johnson and GlaxoSmithKline, as well as at SMEs and start-ups.
She will work alongside CEO Roby Zomer to drive MGC Pharma's business strategy, drawing on her background across pharmaceuticals, manufacturing, logistics, medical technology and digital health.
In a separate change, Brett Mitchell's position as board chairman has shifted from an executive to a non-executive role, bringing the company's structure more in line with the conventions of UK-listed entities.
Mitchell will continue to provide corporate and capital markets advisory services under an existing consultancy arrangement between MGC and his private consulting company.
Wellnex Life
Wellnex Life is bringing Hollywood actor Mark Wahlberg's nutrition and supplements brand Performance Inspired to Australian consumers through Chemist Warehouse, with both in-store and online sales getting underway this week.
Performance Inspired was co-founded in 2015 by Wahlberg and business partner Tom Dowd and has grown into one of the fastest-expanding nutrition brands in the US.
Wellnex holds an exclusive licensing agreement covering Australia and New Zealand, with first rights to move into Asian markets.
The company also confirmed that its joint venture with Australian Dairy Nutritionals is set to place Ocean Road Dairies — an organic A2 infant formula made from Australian milk — on Chemist Warehouse shelves in the near term.
Wellnex anticipates Ocean Road Dairies will fill a niche in the market for a premium infant
formula and as an alternative to regular cow's milk.
The company also posted record revenue of A$6.88m for Q1, FY23, an 81% increase on the prior corresponding period's $3.8m, driven by growth across Wellnex's wholly owned brands and its contract manufacturing operations.
CEO George Karafotias said: "We're excited to be diversifying our portfolio of products as we look to build our presence in the health and wellness market and be one of the first companies to break into the over-the-counter medicinal cannabis market."
