Biosignal gets $1.2M from Japan's Restoration

Australia's Biosignal has accepted an investment of A$1.6 million ($1.2 million) from the Japan-based Restoration Group. The firm, which deveops antibiofilm compounds, says that the cash injection will be made at a share price of $0.15 per share in two tranches, the first of up to A$450,000 to subscribe for shares in any shortfall from Biosignal's current rights issue.

Tokyo-headquartered Restoration, which is headed by Japanese business man Yasuhiro Sakakibara, was advised to make the investment by New York, USA-based JP Morgan on the ground's of Biosignal's innovation in biomimcry - the use of naturally-occuring models to provide real-world applications. Biosignal's key antibiofilm technology is based on a discovery that the eastern Australian seaweed, Delisea pulchra, produces natural furanones that disable bacteria's ability to colonize. It hopes this approach could overcome the issue of antibiotic resistance.