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Cellmid directors show faith in the company by participating in share placement

The company recently entered into a trading agreement with API Services Australia Pty Ltd for the range of évolis® Professional anti-ageing haircare products to be sold in Priceline Pharmacies throughout Australia.

Cellmid Limited - Celldmid board of directors show faith in the company by participating in share placement
Cellmid is on track to reach operational profitability in the consumer health business in FY2020

Cellmid Limited's (ASX:CDY) directors have demonstrated their faith in the company's strategy by participating in a recent share purchase plan (SPP).

The share purchase plan (SPP) was closed on October 14 after raising $1.044 million, well in excess of the $500,000 originally targeted by the board.

The SPP at 20 cents per share followed a placement to sophisticated and institutional investors which raised $1.5 million.

Change of directors’ interest

Chairman David King acquired 300,000 fully paid ordinary shares valued at $60,000, bringing the total number held in an indirect interest to 1.4 million while he also holds another 300,000 in a direct interest.

Non-executive director Bruce Gordon acquired 50,000 shares valued at $10,000, increasing his total number of securities to 160,000 in an indirect interest.

Fellow non-executive director Dr Martin Cross acquired 150,000 shares valued at $30,000 and he now holds 325,000 shares in an indirect interest.

In the SPP, Cellmid received SPP applications for 5.22 million shares at 20 cents each, and this was at the same price as the share placement.

The $2.544 million raised by the company will be used to drive growth in the consumer health business globally, including the recently signed partnerships with Douglas in Germany, open-shop in Australia and Habesul in China.

Quick facts: Cellmid Limited

Price: 0.245 AUD

ASX:CDY
Market: ASX
Market Cap: $23.67 m
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