EVE Health Group (ASX: EVE) has reported a period of significant activity, driven by the $3 million acquisition of biotech company Nextract. EVE Health focuses on developing, licensing, and distributing innovative health and wellness products. The company is committed to creating scientifically backed solutions that improve the quality of life for its customers.
The acquisition was completed through the issuance of 83.33 million EVE shares at $0.036 each, alongside a $1 million share placement. The funds will support the development of Nextract’s leading products, Libbo and Dyspro. Existing shareholders were also offered the opportunity to participate in a share purchase plan, with EVE receiving $32,500 in applications.
EVE Health has also signed an agreement with TeleDocs Clinic & Consulting for the online prescription and promotion of Libbo and Dyspro, targeting the erectile dysfunction and period pain markets. TeleDocs will be the first telehealth provider to prescribe these products across Australia, supporting product awareness through its network of over 3,500 pharmacies. The first commercial order for Dyspro has been submitted, and manufacturing is now underway.
In June, EVE appointed Dr Stuart Gunzburg as chief scientific officer and executive director, and Damian Wood as chief executive officer. As of the end of June, EVE held $900,000 cash at bank, following capital raising activities. Customer receipts saw a slight increase compared to the previous quarter, while product manufacturing and operating costs were reduced.
