Australia's Bio-Gene Technology slips to 4-1/2-month low on discounted placement

Bio-Gene Technology

26/05/2026 05:18

** Shares of Bio-Gene Technology BGT.AX reverse early gains to drop 10.3% at A$0.026 by midday, drifting toward their lowest levels since January 16

     ** The insecticides marker secures commitments to raise A$2.71 million ($1.94 million) via a placement at A$0.025 a share, implying a 13.8% discount to the stock's previous close

** Proceeds from the placement will fund insecticide Flavocide's regulatory studies, among others

** Stock up 13%, YTD

($1 = 1.3949 Australian dollars)

 (Reporting by Kumar Tanishk in Bengaluru)

 ((Tanishk.Kumar@thomsonreuters.com; X: @thatstanishk http://www.x.com/thatstanishk;))