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- Vectus Biosystems (VBS) has placed its shares in a trading halt as it gets ready to undertake a capital raise
- The drug company’s shares will remain paused from trade until November 23 at the latest, unless it can announce the fundraising details early
- Looking at VBS’s recent quarterly update, it shows the Sydney-based company ended the September quarter with $2.08 million in the bank
- It also burnt through $628,000 on operating activities during the period, including $308,000 on patent and research costs
- At that rate of spend, VBS estimated it had enough cash on hand to continue operating for another 3.31 quarters
- Shares in Vectus Biosystems last traded for 99 cents each on November 18
Vectus Biosystems (VBS) has placed its shares in a trading halt as it gets ready to undertake a capital raise.
The drug research and development company’s shares will remain paused from trade until Monday, November 23.
Shareholders will have to wait until then to find out how much VBS is planning to raise, unless it decides to announce the fundraising details early.
Looking at the Sydney-based company’s finances, Vectus’ recent quarterly update shows it had $2.08 million in the bank at the end of the September period.
In comparison, the drug stock started the same quarter with around $2.68 million in the bank.
Vectus also spent $628,000 on operating activities during the September period, including $308,000 on patent and research costs.
At that rate of spend, VBS estimated it had enough cash on hand to continue operating for another 3.31 quarters.
Before today’s trading halt came into effect, shares in Vectus Biosystems last traded for 99 cents each on November 18.
