Change Financial Narrowing Net Loss Growing revenues
Change Financial Ltd (ASX: CCA) was unchanged as it reported an impressive financial report for the year ended June 30, 2019. Revenue growth has led to the narrowing of net loss consequently strengthening the sentiments of the stock in the market.
According to the chair Teresa Clarke, the fiscal year was pivotal as Change Financial successfully exited unprofitable businesses to focus on high growth areas with tremendous potential. The company exited the mobile banking and blockchain business, consequently reducing its operating losses for the year.
The buildup of innovative payment and card issuing platform targeting financial institutions was one of the biggest highlights for the year. In addition, Change Financials delivered revenues of $1.8 million for the 2019 fiscal year, up from $1.1 million reported a year ago. Net loss from operations nearly halved to $4.7 million from $9 million reported a year ago.
Woomera Acquires High Prospect Gold Project
Woomera Mining Ltd (ASX: WML) was up by 6% after confirming the completion of the purchase of the Mt Venn Gold project on acquiring Yamarna West Pty from Cazaly Resources. The acquisition provides the company with exposure to an underexplored greenstone belt that has shown great gold prospects.
The Mr. Venn Gold project will be the focus of the company’s exploration activities going forward even as it continues to work on other similar projects. The company has already drilled seven lithium targets at its Magpie Range project. At the Mt Cattling project, the company has already inked deals for 29 consents from landowners. With the deal, the company is planning to commence soil sampling.
Woomera has also completed a $1.5 million placement, raising sufficient capital to oversee its ongoing exploration projects. The company has also applied for the Federal Government Junior Minerals Exploration Incentive Scheme. Credits from the scheme should allow eligible shareholders to enjoy tax offset for the fiscal 2019/2020 year.
Benitec Capital Raise For BB-301 Development
Benitec Biopharma Ltd (ASX: BLT) was little changed after announcing a $2.25 million direct offering. The offering saw the company issue 2.8 million American depositary shares priced at $0.70 per ADS. The offering attracted interest from sophisticated and professional investors in the U.S.
The biopharmaceutical company intends to use net proceeds from the offering for product development as well as general corporate purposes. The offering comes just weeks after the biotechnology company confirmed plans to complete three non-surgical studies for an Investigational New Drug Application as part of a Phase 1 trial for patients with Oculopharyngeal Muscular Dystrophy (OPMD).
BB-301 is the company’s AAV-based gene therapy that has shown prospects of silencing mutated disease-causing genes. The three studies will support optimization and confirm the efficiency of vector transduction in key tissue compartments. According to the Chief Executive Officer, Jerel Banks, Benitec has an opportunity to come up with a novel genetic medicine capable of addressing a fatal disorder where unmet medical needs exist.