Shareholders in biotechnology company Botry Zen have approved a share purchase deal to fund expansion.
At a special meeting in Dunedin earlier this month, they approved in principle the share offer to fund regulatory and market initiatives in the United States and Europe, the purchase of four new fermenters and capital works at its Dunedin factory, and to provide working capital.
General manager Stephen Lorimer said the board was still to determine how much new capital was needed, but he was heartened by the support.
"There was strong support for the proposed capital raising from shareholders," he said.
Chairman Stephen Higgs has said the proposal would entitle existing shareholders to buy up to $15,000 in new shares.
Late last month, the company, which makes a biological agent for the control of the grape wasting fungus Botrytis cinera, announced it had received product registration in the United States for its flagship botry zen product.
It has targeted markets in the grape growing states of California, Oregon and Washington but also plans to start seeking registration in Europe. Details of the offer were expected to be announced later this month.
