An Ottawa-based company is refilling its trough of funding as it develops an alternative to antibiotic-based livestock feed.
Avivagen said Friday it has raised $1.25 million in a private placement of shares and related warrants. The company issued 2.5 million units priced at 50 cents each on the TSX Venture Exchange, entitling buyers to one common share of the firm and a warrant for a half-share at $0.75 over a period of three years.
Avivagen said in a press release it intends to use the new funds in product development and general working purposes. The funding tops up a larger $5.26-milion round closed last March.
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The Ottawa life sciences company develops natural health products aimed at replacing the use of antibiotics in livestock feed. The firm has racked up more than $27 million in losses and has used funding rounds like these to sustain itself until it obtains the regulatory approvals it needs in jurisdictions around the world to start turning a profit.