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A2 Corp raises $3.3m in share placement

Tuesday 9th September 2008

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A2 Corp., the company that owns and licenses techniques to identify milk with a protein variant claimed to have health benefits, raised NZ$3.3 million in a share placement, bringing is capital raising the past two months to almost NZ$15 million.

The company placed 33 million shares at 10 cents apiece with New Zealand institutions, it said in a statement. All up since July, it has raised the equivalent of half its market value by selling shares.

The stock was unchanged at 11 cents yesterday on the NZAX market and has dropped 50% this year.

The company's net loss widened to NZ$6.3 million last year from NZ$5.1 million. Revenue tumbled 67% after A2 ended trading at its Australian subsidiary and began trading to a 50%-owned joint venture.

A2 Corp was started in 2000 to commercialise milk with high levels of A2 beta casein protein. A number of studies associate with potential benefits in some individuals, according to the company's website.

The company entered into business and licensing partnerships to bring A2 milk to the market in New Zealand, Australia, Korea and the US.

By Jonathan Underhill

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