Sydney-based investor has increased its interest to 10.51% through on-market purchases and placement participation.
() substantial shareholder Farjoy Pty Ltd has demonstrated confidence in the company’s medical research and development strategy by lifting its interest to 10.51% from 9.33%.
The Sydney-based investor has made a series of recent on-market purchases and also participated in a Medlab placement.
Farjoy acquired more than 4.1 million shares valued at almost $3.7 million in the placement and has made on-market purchases totalling 800,000 shares valued at more than $357,000.
It now holds more than 21.855 million shares, up from 15 million.
Medlab has various research and development programs focused on delivering therapies for a range of chronic conditions.
As well as developing bacteria-based medicines for treating depression, diabetes and chronic kidney disease, Medlab has developed two cannabis-based medicines for oncology patients.
READ: Medlab Clinical receives large shipment of cannabis oil for human trials
The company recently received a large shipment of cannabis oil for use in human trials.
Medlab has also started a recruitment campaign for participants in a clinical trial of a medicine for the treatment of depression.
The trial is being led by Queensland University of Technology in Brisbane which is running the recruitment campaign.
READ: Medlab Clinical begins recruitment for phase IIa clinical trial for depression medicine
Two phase I trials have already shown significant patient improvement on the combination of Medlab’s NRGBiotic™ product with a standard anti-depressant medicine.
The phase IIa study is designed to strengthen those initial findings in a wider group of patients, with the recruitment campaign intended to enrol 150 people diagnosed with depression.
This trial design is intended to meet the requirements of a new expedited drug approval mechanism being developed by the Department of Health’s Therapeutic Goods Administration (TGA) to provide faster access to new medicines which have a community benefit.
Other recent Farjoy investments
Farjoy has also made other recent strategic investments, including in audio wearables company () and in the in-demand tech metal of graphite through ().
It became a substantial shareholder in Nuheara in June with a 5.28% interest, mostly accumulated in a placement in which it invested $4 million.
Nuheara develops proprietary hardware and software to deliver multi-functional intelligent hearing technology, including IQbuds, wireless earbuds that connect hands-free with voice-enabled smart devices.
Farjoy recently increased its interest in Battery Minerals to 16.1% primarily through participation in a placement by investing $5 million.
This company is primarily engaged in graphite exploration in East Africa with interests in the Montepuez graphite and Balama Central graphite projects in Mozambique.