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Monday 15th December 2008 |
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The company made the decision after discussions with the NZX. Moving from its main board to the NZAX "offers material cost savings and increased flexibility, while ensuring continuing transparency to shareholders and best governance practice," it said in a statement.
The biotech company had to quickly find a sympathetic investor this year after production of its BOTRY-ZEN product was disrupted by manufacturing glitches and it appealed unsuccessfully to existing shareholders for more cash. Claus Hartge, a Hamburg-based businessman, came to the rescue by agreeing to buy 10.4 million shares at 2 cents apiece.
Today, the company said it appointed Stephen Lorimer as general and technical manager starting next year.
Last month, the company posted a first-half loss of $1.2 million, from a loss of $544,000 a year earlier and said it still needs more capital.
The companywas set up in 2001 to develop and commercialise biological control agents. It owns an exclusive licence to technology developed with the Horticulture Food Research Institute of New Zealand, Winegrape Tech and Zenith Technology Corp.
The stock last traded on December 3 at 1.7 cents and is down 58% this year.
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