KEY POINTS:
Shareholders in oral products company Blis Technologies yesterday passed a resolution to allow a renounceable rights issue of up to 44.8 million new shares.
Shareholders will get two extra shares for every five existing shares, at 7.5c.
Another resolution was passed allowing the board to allocate up to 19.99 per cent of the ordinary shares to one or more strategic cornerstone shareholders.
Despite various hold-ups with commercialisation of its products, the company said it was pleased with the progress and remained on track with commercial developments.
It reaffirmed the expectation it would achieve the financial targets it had forecast to the end of the fiscal year.
It said it remained committed to its retail brand strategy in New Zealand but had been developing partnerships overseas to market and distribute its products.
Chief executive Barry Richardson said Blis had sought commercial partnerships with companies that had one of the top three brands in their respective markets.
Blis had developed its relationship with Nestle Nutrition on infant formula and was well advanced with at least two other leading global brand manufacturers in distinct and unrelated industries.
He said there was growing evidence of a link between poor oral health and increased risk of cardiovascular disease.
Blis could expect a "reasonable proportion" of revenue from research contracts in the coming year, he said.
Blis expects to test market Blis K12 lozenges in China before the end of the fiscal year as it completes regulatory approval.
Blis shares closed up 1.4c yesterday at 8.9c.
- NZPA