Anteo secures US funding

Company News


Anteo Diagonostics Limited (ASX:ADO) says it has secured US$6.35 million in funding that will contribute to the earn out of the DIAsource acquisition.
 
The agreement with Bergen Global Opportunity Fund will pay an upfront US$1.5 million with a further $0.5 million in three months. Bergen can then invest another US$4.5 million in Anteo equity over the next 24 months. 
 
Anteo is welcoming the contribution and working capital to develop a commercial program saying the investment structure reduces the potential for dilution of shares at the current low value. 
 
Anteo reported a net loss of $3.08 million for the 12 months to the end of December 2015.

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