10 Jul 2009

$1m backing offered to biotech company

7:07 am on 10 July 2009

Botry-Zen wants shareholders to back a plan that would see its main investor boost its stake by $1 million.

An independent advisor says that athough the plan for Melic Investors to take up a share placement of $1 million is not ideal, it is the only option facing the company.

The Dunedin biotechnology company says it needs the additional capital in order to continue trading.

Shareholders will vote on the capital raising proposal in a fortnight.