Agenix (ASX: AGX) has ensured it has a solid base of funding with a Continuous Investment Agreement with Baycrest Capital for the provision of up to $3 million over three years.
Baycrest Capital is a specialist fund that invests in high growth Australian public companies.
Importantly, the agreement is a good start at giving Agenix the resources to continue to deliver a number of important commercialisation milestones in 2013.
Under the agreement, Agenix has full control over the timing, price and number of shares Baycrest purchases.
Agenix is commercialising a revolutionary blood clot diagnostic called ThromboView, a human health point of care diagnostic platform called DiagnostIQ and a hepatitis B therapy, AGX-1009, for China.
ThromboView is ready to begin a phase three trial and is currently the subject of partnering and licensing discussions.
DiagnostIQ and AGX-1009 are also currently the subject of partnering and licensing discussions, and Agenix is preparing to file a CTA for a phase one study of AGX-1009 with the Chinese Food and Drug Administration in the first half of 2013.
Agenix plans to advance AGX-1009 into phase one trials in the first half of 2014.
Agenix previously announced it is also undertaking a non-renounceable rights issue to raise $1.235 million.
The offer comprises one new share for every one share held at $0.03 each, together with one free attaching option, exercisable at $0.05 and expiring on 30 June 2015, for every two shares purchased.
All members of the Agenix Board plan to take up their entitlements in the issue.
The rights issue closes on 20 February 2013.
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