Botry-Zen in $4 million rights issue

Dunedin-based biotechnology firm Botry-Zen has issued details of a $4 million rights issue to fund the commercialisation of its flagship product.

Botry-Zen will issue one new share for every share on issue, after the share cancellation announced on August 11, at a discounted price of 5.5c a share.

The partially underwritten issue will raise $4.22 million to take its natural biological agent, designed to control the fruit-killing fungus botrytis cinerea, to market.