Melodiol Global Health Limited

Corporate Update

Melodiol Global Health Limited (ASX:ME1) (‘Melodiol’ or ‘the Company’) is pleased to provide the following corporate updates.


La Plata Facility

Further to ME1’s announcement on 4 September 2023, the Company provides the following update with respect to La Plata Capital, LLC’s (“La Plata”) secured note holding in the Company. Per the terms of the previous extension, ME1 was granted the option, subject to shareholder approval, to satisfy the October and November monthly interest payments to La Plata by the issue of fully paid ordinary shares (‘Shares’) at an issue price equal to the Company's closing Share price on the trading day immediately prior to issuance, based on a value ratio of 1.5 times the interest due. At the time, the Company also agreed to issue US$80,000 of shares using the same mechanism in order to begin paying down principal, starting in November 2023. In exchange for these concessions, the Company agreed to make a one time cash payment of US$160,000 to La Plata on or around 30 September 2023. Due to the large volume of corporate activity that has been undertaken by the Company, it was unable to achieve shareholder approval for these obligations prior to the commencement of the payment schedule. The Company has also not paid the modification fee to La Plata. In order to address this breach, the Company will has agreed to achieve shareholder approval by January 15, 2023, and adjust the value ratio from 1.5 times to 2.0 times for the October and November interest payments and November principal payments. The parties have also agreed that the Company may satisfy the US$160,000 modification fee and US$18,700 of legal fees by the issue of fully paid ordinary shares (‘Shares’) at an issue price equal to the Company's closing Share price on the trading day immediately prior to issuance, based on a value ratio of 2.0 times the interest due. The Company has also agreed to reduce the floor price from A$0.002 per Share to A$0.001 per Share.

Secured Notes

Further to the Company’s announcement dated 26 October 2023, the Company notes that the maturity date of the Secured Notes is 30 November 2023. The Company is engaged with the noteholders, with the objective of working towards a further extension, and will provide an update in due course.

Termination of Panacea Life Sciences Transaction and Rationalisation of Non-Core Business Units

Further to the Company’s announcements dated 2 August 2023 and 26 October 2023, the Company notes that on 4 December 2023, it terminated discussions with Panacea Life Sciences. The Company notes that several business units (Mernova Medicinal Inc., HealthHouse International, and Creso Pharma Switzerland) have demonstrated the ability to deliver cash flow positive results during FY23. With these encouraging results, the Company has taken active steps to refocus its efforts and resources into these higher performing business units, which in aggregate, represent 93% of group revenue (based on Q3 FY23). As part of that refocusing effort, the Company has temporarily paused operations at Halucenex Life Sciences, Sierra Sage Herbs, LLC, and impACTIVE Ltd. The Company has taken this decision in order to accelerate its ability to deliver group cash flow positive results and to concurrently pursue a sale of each of these non- core business units. Whilst it does so, it is likely that further capital will be required in the near term with the Company considering additional sources of capital, including but not limited to, further capital raising activities, divestment of non-core assets and possible divestment of core assets.


Click here for the full ASX Release

This article includes content from Melodiol Global Health, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.

ME1:AU
The Conversation (0)

Compass Pathways to Participate in December Investor Conferences

Compass Pathways plc (Nasdaq: CMPS), a biotechnology company dedicated to accelerating patient access to evidence-based innovation in mental health, announced today that members of the executive management team will participate in the following investor conferences in addition to hosting investor meetings:

  • 7 th Annual Evercore ISI HealthCONx Conference: Fireside chat at 10:25am ET on December 3, 2024
  • Piper Sandler 36 th Annual Healthcare Conference: Fireside chat at 3:30pm ET on December 4, 2024

A live audio webcast of these events will be accessible here for 30 days following the events.

News Provided by Business Wire via QuoteMedia

Keep reading...Show less

Compass Pathways to participate in Stifel 2024 Healthcare Conference

Compass Pathways plc (Nasdaq: CMPS), a biotechnology company dedicated to accelerating patient access to evidence-based innovation in mental health, announced today that management will present at the Stifel 2024 Healthcare Conference at 10:55 am ET on November 19, 2024.

A live audio webcast of the presentation will be accessible from the "Events" page of the Investors section of the Compass website. A replay of the webcast will be accessible for 30 days following each event.

News Provided by GlobeNewswire via QuoteMedia

Keep reading...Show less

Compass Pathways Announces Third Quarter 2024 Financial Results and Business Updates

  • Top-line COMP005 data for COMP360 phase 3 pivotal program in treatment-resistant depression now expected in second quarter 2025
  • COMP006 data will now be announced after 26-week time point, expected in the second half of 2026
  • Strategic reorganization to focus all efforts on COMP360 program resulting in reduction of workforce of approximately 30%
  • Cash position of $207 million
  • Conference call October 31 at 8:00 am ET (12:00 pm UK)

Compass Pathways plc (Nasdaq: CMPS) ("Compass"), a biotechnology company dedicated to accelerating access to evidence-based innovation in mental health, today reported its financial results for the third quarter 2024 and an update on recent business progress.

News Provided by Business Wire via QuoteMedia

Keep reading...Show less
Emyria Limited

Emyria and UWA in Partnership to Commercialise Novel Serotonin-Releasing Agents for Mental Health and Neurology

Emyria Limited (ASX: EMD) (“Emyria”, or the “Company”) has signed an exclusive licence agreement with UWA, granting worldwide rights to a rapidly growing portfolio of selective serotonin-releasing agents. (See Appendix for Key Commercial Terms). These novel compounds, realised through a UWA–Emyria research partnership launched in 2021,2 include potential next-generation treatments for mental health and neurological conditions such as PTSD and Parkinson’s disease.

Keep reading...Show less

Seelos Announces Second Postponement of its Annual Meeting of Stockholders

Seelos Therapeutics, Inc. (OTCQB: SEEL) ("Seelos"), a clinical-stage biopharmaceutical company focused on the development of therapies for central nervous system disorders and rare diseases, today announced that its 2024 Annual Meeting of Stockholders (the "Annual Meeting"), which was previously postponed to Friday, October 25, 2024 from its originally scheduled date of Friday, September 27, 2024 has been further postponed. The Annual Meeting is now scheduled to be held virtually, via live webcast at www.virtualshareholdermeeting.comSEEL2024 on Monday, November 25, 2024 at 8:00 a.m., Eastern Time . The record date for the Annual Meeting, August 19, 2024 is unchanged and applies to the postponed Annual Meeting.

News Provided by PR Newswire via QuoteMedia

Keep reading...Show less

Compass Pathways to Announce Third Quarter Financial Results on October 31, 2024

Compass Pathways plc (Nasdaq: CMPS), a biotechnology company dedicated to accelerating patient access to evidence-based innovation in mental health, announced today that it will release financial results for the third quarter 2024 ending September 30, 2024, and provide an update on recent business developments, on October 31, 2024.

The management team will host a conference call at 8:00 am ET (12:00 pm UK) on October 31, 2024. To access the call, please register in advance here to obtain a local or toll-free phone number and your personal pin.

News Provided by Business Wire via QuoteMedia

Keep reading...Show less

Latest Press Releases

Related News

×