ASX-LISTED Medlab Clinical has completed a heavily over-subscribed share placement, raising $24 million before costs from institutional and sophisticated investors in Australia and Asia.
CEO Sean Hall said the money raised put the company in a strong financial position, and would allow Medlab to accelerate the commercialisation of its cannabis-based NanaBis medicine under the Special Access Scheme.
"The funds also help Medlab to accelerate its research and development program of other areas in chronic diseases, including obesity, diabetes and depression," Hall said.
Medlab shares closed on Fri at $1.12, having risen almost 45% over the last month.
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