EVE Health Group (ASX: EVE) has posted a transformational quarter of activity, underpinned by the $3 million acquisition of biotech company Nextract.

The purchase was settled through the issue of 83.33 million fully paid EVE shares at a post-consolidation price of $0.036 each and, with a concurrent $1 million share placement, will provide funding for various activities related to Nextract lead products Libbo and Dyspro.

Existing shareholders also had the option to participate in a share purchase plan on the same terms, with EVE confirming receipt of $32,500 in valid applications.

TeleDocs Agreement

During the quarter, EVE signed an agreement with TeleDocs Clinic & Consulting for the online prescription and promotion of Libbo and Dyspro, which address the global erectile dysfunction and period pain markets.

TeleDocs is the first telehealth provider to prescribe both products to patients across Australia and will support practitioner education and product awareness via its national network of more than 3,500 pharmacies.

Both products recently met the final regulatory prerequisite of stability testing prior to being prescribed in Australia under the Special Access Scheme (Category B) and Authorised Prescriber pathways.

First Dyspro Order

The first commercial order for Dyspro was submitted post-quarter and manufacturing has commenced.

Dyspro is EVE’s first internally-developed product to progress from formulation to scaled manufacturing and the order marks a significant milestone for the company’s expansion into prescription pharmaceutical products.

EVE has been in discussions with pharmaceutical logistics companies in relation to distribution options for Dyspro’s national fulfilment, focused on timely access, compliance with regulatory handling requirements and scalable infrastructure to support growth in demand.

Executive Appointments

EVE appointed Dr Stuart Gunzburg as chief scientific officer and executive director in June, bringing his deep expertise in formulation technologies to lead the company’s research and product development efforts.

The company also named Nextract pharmaceutical and regulatory expert Damian Wood as its chief executive officer.

Under the terms of the Nextract deal, Carlos Jin will retire from the EVE board and former managing director Bill Fry will transition to non-executive director.

Cash Holdings

At the end of June, EVE had $900,000 cash at bank after receiving proceeds from its capital raisings.

Customer receipts increased slightly on the March quarter to $400,000, while product manufacturing and operating costs reduced to $100,000.

Advertising and marketing expenses for the period totalled $200,000 and net cash for operating activities improved to $250,000 (from $400,000 in the previous quarter).

Payments included $60,000 in director fees and $9,000 in office and administrative overheads.