Memphasys Launches AU$2 Million Capital Raise for Japanese Clinical Trial

Biotech business Memphasys (ASX:MEM) launched a AU$1 million capital raise and AU$1 million share purchase plan to fund a clinical trial in Japan, according to a Thursday filing with the Australian bourse.

The Japanese clinical trial, an equine fertility study named Felix, will advance strategic partnership talks and help sales in the Japanese market, the filing stated.

The placement and purchase plan are priced at the lower of AU$0.008 and a 20% discount to the company's five-day volume weighted average price, according to the filing.