Israeli nutritional support for children developer Nutritional Growth Solutions (ASX: NGS) has completed an offering on the Australian Securities Exchange in which it has raised A$5 million (before costs) at A$0.21.5 per share. The company provides pediatric nutritional products that are backed by clinical research and are formulated to nourish children during their different stages of growth.
Nutritional Growth Solutions will use the funds raised to speed up entry of its Healthy Heights brand onto markets in China and the US, invest in inventory and expand sales and financing of clinical tests of new products under development.
Nutritional Growth Solutions managing director Liron Fendell said, "We are very satisfied with the new support that we have gained from existing shareholders as well as new institutions and sophisticated investors. This is a vote of confidence in the vision of NGS to execute our growth strategy based on three tiers.
"We are strengthening focus on the US and Chinese markets, because they offer the highest potential for Healthy Heights and we will immediately proceed to build capital in the brand in each one of the regions in order to enhance awareness and encourage the demand for the range of our products, registered as patents and clinically proven to encourage growth in the young."
Nutritional Growth Solutions held its IPO on the ASX last November when it raised A$7 million.
Published by Globes, Israel business news - en.globes.co.il - on August 30, 2021
Copyright of Globes Publisher Itonut (1983) Ltd. 2021