Bioxyne to raise $3 million for European markets expansion

Bioxyne has secured firm commitments for $3 million to expand into European markets, including setup and certification of medical cannabis facilities in the UK and Czechia.

Bioxyne has raised $3 million to support its European expansion plans. Pic via Getty Images.

• Bioxyne receives firm commitments to raise $3 million via strongly supported placement

• Funds to support European expansion and establish medicinal cannabis manufacturing facilities in UK and Czechia

• Directors to participate in the amount of $110,000, subject to shareholder approval

Special Report: Bioxyne has received firm commitments to raise $3 million in a placement to support expansion into European markets along with setup and certification of medical cannabis manufacturing facilities in the UK and Czechia.

The psychedelics-focused biotech said the capital raise has been strongly supported by new and existing institutional shareholders and sophisticated investors, both domestic and international.

The company will issue 120 million new shares at 2.5 cents per share, a 2.2% discount to the 15-day volume-weighted average price (VWAP) of 2.56 cents at the close of trade on March 18, 2025.

In addition, Bioxyne (ASX:BXN) will issue 60 million options based on one option for every two new shares, with an exercise price of 5 cents and an expiry date two years from the date of issue.

Bioxyne directors are throwing their support behind the capital raise and will participate in the amount of $110,000, subject to shareholder approval at the next meeting of shareholders.

Alpine Capital has acted as sole lead manager and bookrunner to the placement.

Bioxyne said brokers and advisors would be issued 24 million options with an exercise price of 4.37 cents and an expiry date of two years from the date of issue.

Additionally, they will receive three million options with an exercise price of 1 cent and the same two-year expiry, for services rendered.

Funds to support European expansion

In February 2024, Bioxyne announced its wholly owned subsidiary Breathe Life Sciences (BLS) had become the first in Australia to be granted a Good Manufacturing Practice (GMP) licence for the production of psilocybin, MDMA and medical cannabis.

Bioxyne said the funds would be used to now support expansion into European markets and the setup and certification of medical cannabis manufacturing facilities in the UK and Czechia.

The company said funding would also enable Bioxyne to accelerate its growth strategy and deliver upon its stated revenue guidance of $25m for FY25.

“We are delighted with the support of institutional and sophisticated investors for this capital raise, “ CEO Sam Watson said.

Watson said in a strong sign of support for Bioxyne, it had received demand for more than what had been raised.

“While we received demand for well in excess of the amount raised, given that we are profitable and cash flow positive, we are of the view that it was important to limit the raise to the funds required for expansion as outlined in our strategic plan,” he said.

This article was developed in collaboration with Bioxyne, a Stockhead advertiser at the time of publishing.

This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.

Originally published as Bioxyne to raise $3 million for European markets expansion