Rua Bioscience has secured approximately NZ$1.2 million (A$1.1m) from investors, with chairwoman Anna Stove describing the effort as part of the company's "ongoing journey."
The amount raised came in well below the $3.1m the company had set out to raise, though Stove said the result showed a "strong vote of confidence from shareholders."
The company issued a total of 47 million new shares at a price of $0.025 each.
Stove said the funds would go toward working capital to "grow sales."
"While the $1.2m raised is a strong vote of confidence from existing shareholders, this is part of an ongoing journey," she said.
"The board remains confident in securing additional funding through the placement and are also vigorously pursuing new options for the sale of the Gisborne manufacturing facility."
Rua had announced in August that it reached a deal to sell its facility to Awa Ora Genesis Kaitiaki Harakeke Trust of Te Araroa.
By October, however, the company disclosed that settlement had not been received on the agreed date and that it was engaging with other "credible partners on an alternative purchase plan."
Through FY25, Rua has recorded strong sales growth, with its products now available across New Zealand, Australia, the UK, and Germany.
