Medibio Announces Regarding Notice Received Under Section 249D Of The Corporations Act

On 1 October 2018, the Medibio Limited (ASX: MEB) announced that on 28 September it received a notice under Section 249D of the Corporations Act 2001 (Section 249D Notice) requesting the Company call and arrange to hold a meeting of the members of the Company. The Section 249D Notice seeks the appointment of Mr. Benjamin Richardson, Ms. Peta Slocombe, and Mr. Elias Khouri as Directors of the Company and the removal of Mr. Chris Indermaur and Mr. Andrew Maxwell as Directors of the Company. On 5 October 2018, the company released its Investor presentation following which the share price of the company decreased by 1.515%.  [optin-monster-shortcode id=”wxhmli4jjedneglg1trq”]

In FY 2018, the company earned a revenue of $2.6 million which was $3.16 million in FY 2017. The Company’s loss increased from $9.78 million in FY 2017 to $16.3 million in FY2018. Resultantly, the basic and diluted loss per share increased from 7.443 cents in FY 2017 to 8.805 cents in FY 2018. Net cash used in operating activities increased from $5.42 million in FY 2017 to $12.27 million in FY 2018. The cash at bank of the company increased from $5.01 million in FY 2017 to $6.12 million in FY 2018. The Company’s ability to continue as a going concern is dependent upon the generation of cash from operations, the sufficiency of current cash reserves to meet existing obligations, research, and development tax incentives, the ability to reschedule planned research and development activity and raising of further equity and receipt of grant funding. The company issued 38,736,640 shares, raising $13,945,190 before issue costs on 20 October 2017 and on 11 October 2017, a total of 10,000,000 options were issued with an expiry of 11 October 2022 and exercise price of 45 cents.

In the past three months, the share price of the company decreased by 56% to $0.066 as on 4 October 2018. The MEB’s share traded at $0.065 with the market capitalization of $13.37 million as on 5 October 2018 (AEST 4:00 PM).

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