EVE Health Group (ASX: EVE) has received stong support from sophisticated and professional investors for a capital raising aimed at accelerating the commercial rollout of its lead pharmaceutical products Dyspro and Libbo.
When the placement attracted bids in excess of the $1 million EVE initially sought, the company increased the offer to $1.1m, the maximum capacity available under its ASX listing status.
The successful raising comes just over a week after EVE made the first patient prescriptions of Dyspro under the Therapeutic Goods Administration (TGA) special access scheme and authorised prescribers pathways.
Commercial Dyspro Rollout
EVE will use the new capital to accelerate its commercial rollout of Dyspro – the company’s cannabinoid-based gummy for dysmenorrhoea and endometriosis – and Libbo, an oral dissolving film for erectile dysfunction (ED).
The company is targeting global markets worth in excess of $24 billion annually with the two products, which feature its nano-emulsion delivery platform that improves absorption and accelerate onset.
The funding will support progression to TGA export-only registration and full TGA Australian Register of Therapeutic Goods (ARTG) listing submission.
EVE will also be looking to expand prescriber education programs, grow prescriber and distribution networks, and progress ongoing marketing and patient access initiatives following the first patient.
Strong Investor Confidence
Chief scientific officer Dr Stuart Gunzburg said the success of the capital raising reflects strong investor confidence in the company’s commercial and pharmaceutical strategy.
“With Dyspro already reaching patients and Libbo on track for launch, these funds allow us to accelerate market adoption,” he said.
“We are now in a position to broaden access and awareness while continuing to build the clinical and commercial foundation for these products.”
EVE will issue approximately 36.7 million new fully paid ordinary shares at $0.03, with investors to also receive one free attaching unlisted option for every two shares they take up, exercisable at $0.06 and expiring two years from the date of issue.
