EVE Health Group (ASX:EVE) Completes Nextract Acquisition
Acquisition Details
EVE Health Group has completed the acquisition of Nextract Pty Ltd by issuing 83,333,333 ordinary shares at $0.036 per share. Additionally, a $1 million placement was completed, issuing 27,777,778 shares to fund Nextract’s integration and regulatory submissions.
Product Development
Nextract targets the US$5.3 billion erectile dysfunction market with a therapeutic onset within 15 minutes. A second product for the US$10.9 billion dysmenorrhea market is progressing alongside, utilizing an alternative manufacturing pathway for commercial entry.
Financial Plans
The Share Purchase Plan (SPP) is now open to raise up to $500,000 on the same terms as the placement.
Management Changes
Dr Stuart Gunzburg has been appointed Chief Scientific Officer and Executive Director. Carlos Jin retired from the Board, and Bill Fry has transitioned to a Non-Executive Director role.
Executive Comments
Chairman Rodney Hannington added: “This is a pivotal day for EVE. With Nextract now part of the Group, we are positioned to accelerate our transition into a serious player in regulated healthcare,” said Mr Hannington. “Our delivery technology is designed to solve real-world problems in patient compliance and onset of action.”
Motley Fool contributor Lianne Eastty has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.
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