FY21 Annual Report issued to Shareholders
FY21 was a productive year for the Company, culiminating in a successful Initial Public Offering (IPO) raising equity of approximately $2,500,000 through the issue of 12,500,000 ordinary shares at $0.20 per share and subsequently listing on the National Stock Exchange (NSX) on 28 May 2021.
Prior to the IPO and listing on the NSX, VTL completed a pre-IPO round of capital raising undertaken from June to September 2020 through the issue of convertible notes to investors in Australia, which raised a total of $3,453,268.
The directors were very pleased that, just prior to the successful listing on NSX, the Company was able to convert $3,278,268 of the Convertible Notes into ordinary shares and the balance of the Convertible Notes were converted in early June 2021.
VTL's losses increased from $1,418,116 in FY20 to $3,904,115 in FY21 and this is consistent with VTL's business plan of investment into conducting an IPO and listing on a stock exchange and advancement of the Company's two businesses: the development of therapeutic agents for Non-Alcholic Fatty Liver Disease (NAFLD)/Non-Alcoholic SteatoHepatis (NASH) and Pancreatic Adenocarcinoma (Pancreatic Cancer) and the launch of the Company's patented nutraceutical products in the US.
Dr Glenn Tong, the Chief Executive Officer and Managing Director of VTL, said "We made excellent progress in advancing our business objectives and building value for VTL's shareholders in FY21. The NAFLD/NASH Phase II clinical study on our drug candidate IVB001 is expected to commence in Q4 of 2021 and the Pancreatic Cancer Phase II clinical study on our drug candidate IVB003 is expected to commence a few months later in Q1of 2023. The US launch of our patented nutraceutical products, NE1-Elite(R) for reduction of muscle soreness and improvement of muscle recovery after exercise and NE1-Heart(R) for maintenance of heart health has also commenced."
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About VGI Health Technology Limited
VGI Health Technology Limited (NSX:VTL) is an Australian public listed biotechnology company developing and commercialising novel dietary supplements and prescription medicines based on natural products (tocotrienols) which have wide therapeutic potential, including: Delayed Onset Muscle Soreness, muscle recovery, exercise endurance, Non-Alcoholic Fatty Liver Disease (NAFLD), Non-Alcoholic SteatoHepatitis (NASH), pancreatic cancer, hyperlipidaemia, hypertension and diabetes. VTL owns and controls patent and other intellectual property rights for novel approaches to non-invasively delivering tocotrienols directly to the target tissues. The Company has a product development program for evidence-based nutraceuticals and a clinical development program for prescription medicines.
VGI Health Technology Limited