IDT Australia Limited Announces $7M Capital Raise

IDT Australia Limited (AU:IDT) has released an update.

IDT Australia Limited, a seasoned pharmaceutical manufacturing company, is set to raise $7 million through an entitlement offer at a discounted issue price, aiming to bolster its financial position and fund growth in mRNA therapeutics and Antibody Drug Conjugate capabilities. This capital injection will support IDT’s expansion and enhance operational capacities in anticipation of increased work orders. Concurrently, IDT is evaluating a non-binding indicative offer from Myndbio Pty Ltd for a potential acquisition, though shareholders are advised that discussions are at a preliminary stage with no immediate action required.

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