Cellmid Limited (ASX:CDY) has been granted an ASX trading halt before releasing details of a proposed capital raising.
The securities will remain in a trading halt until the earlier of the start of normal trading on Tuesday, 31 July, or when the announcement is released to the market.
Cellmid was 46 cents at the close of trade on Thursday.
The life sciences company plans to expand distribution of products in the US and Japan as well as increase its product range in Australia.
This is expected to result in an increase in revenue in the 2019 financial year.
Cellmid’s évolis products are specifically formulated anti-ageing hair solutions, which include shampoos, conditioners, sprays and activators.
US in-store placement
For the first time évolis Professional products will be sold permanently in Neiman Marcus and Bloomingdales stores from September 2018.
The first Neiman Marcus stores designated for the full range of the évolis Professional products are Ala Moana (Hawaii), Fashion Island (California), Orlando (Florida), Northpark (Texas) and Houston (Texas).
These are flagship stores with well-trained sales associates and loyal customers.
Bloomingdales’ flagship store in New York will also carry the full évolis Professional range with other stores expected to come online in the next six months.
Launch in Japan
Cellmid aims to launch the évolis branded FGF5 inhibitor anti-ageing hair products in Japan.
The évolis Professional range was scheduled to be launched this month while the évolis Pharmacy will be launched in October.
This is the first time that the Australian manufactured products will be exported to Japan and it follows a period of extensive product testing on Japanese customers assessing both beauty and therapeutic applications.
The évolis Professional range will be progressively introduced to suitable Australian pharmacies from this month.
This will increase the number of products sold from four to 15 within the brand in these pharmacies.