Medibio Ltd (ASX: MEB, OTCMKTS:MDBIF) has secured firm commitments to raise $13.9 million via the placement of shares at $0.36 each to institutional investors.
Fidelity Investments followed on to maintain its 10.6% ownership in Medibio with IFM Investors and Regal FM becoming substantial shareholders post-transaction.
Medibio is a mental health technology company that uses objective biometrics to assist in the screening, diagnosing, monitoring and management of depression and other mental health conditions.
Sleep and other circadian measures provide a powerful lens into mental wellbeing and Medibio’s solution leverages the science linking sleep and mental health.
The company is now fully funded to pursue its aggressive commercialisation and intellectual property (IP) strategy.
The new funds will allow Medibio to build out organisational infrastructure for product commercialisation and to develop the technology platform to support commercialisation.
Earlier this month, Medibio signed a five-year clinical trial agreement with Mayo Clinic to develop new product solutions to assist physicians in addressing psychiatric conditions.
The agreement provides for the conduct of multiple clinical trials involving the use of one or more of Medibio’s proprietary products as well as assist in future product development.
Mental health represents one of the largest clinical problem today with an estimated 350 million people word-wide suffering from depression.
According to the World Bank, depression and anxiety disorders cost the world nearly US$1 trillion annually.