Rhythm receives R&D tax incentive refund
Predictive cancer diagnostics technology company Rhythm Biosciences has received multiple tranches of its research and development tax incentive (RDTI), totalling $3.23 million. This total is made up of approximately $1.24 million in relation to FY23, being a second tranche of funds following the submission of an amended FY23 tax lodgement, and $1.94 million for FY24. The balance represents interest accrued on the amounts. The company will use the funds received to fund ongoing operations focussed on preparing the second generation ColoSTAT product for commercialisation and to repay the current loan balance of $1.15 million.
Russell Mineral Equipment celebrates 20 years in South American market
Mill relining systems Original Equipment Manufacturer (OEM), Russell Mineral Equipment (RME) is celebrating its 20th anniversary in South America. RME expressed its gratitude to the team members, Customers and suppliers who made RME the region’s most trusted OEM of mill relining equipment. RME’s history in South America dates to 1996 with the export of the first RUSSELL Mill Relining Machine (MRM, pictured) to the region. RME established a direct presence in the region in 2004 and now has five RME Regional Service Centres in Latin America, servicing equipment at 77 mine sites across Argentina, Bolivia, Brazil, Chile, Colombia, Dominican Republic, Mexico, Panama and Peru.
Amaero International looks to Trump to improve US business
Metal additive manufacturing business Amaero International expects the election of Donald Trump as US President to be a positive for its US-based business. The company said refractory metals and specialty alloy powders would be in demand for the strengthening of America’s defence industrial base. “At Amaero, we plan to leverage our strong relationships to spur growth, including with our Special Advisor Lt. General (ret.) H.R. McMaster, a former National Security Advisor to President Trump. As a small business, we stand to benefit significantly from the proposed reduction in corporate tax rates and R&D tax benefits.” Amero said that it also expected the curtailing of antitrust policies to increase private equity investment, specifically in the industrial and defence sectors.
Fonterra to divest businesses through trade sale or IPO
Dairy company Fonterra Co-operative Group has reviewed and decided to sell through a trade sale or IPO its global consumer business, as well as Fonterra Oceania and Fonterra Sri Lanka. CEO Miles Hurrell said the best pathway to maximise value for the Co-op was to sell. “Our revised strategy will see us prioritise our Ingredients and Foodservice businesses, creating a more focused and higher performing Co-op. We have received meaningful buyer interest in the businesses in scope for divestment, which is testament to their strength and potential.”
Traffic Technologies to raise $2.8m from investors
Roadway signage and IoT traffic systems company Traffic Technologies is to raise $2.8 million from investors through a an entitlement offer of one new share for every two shares held at a price of $0.005c per share. Subscribers will receive one free option for every new share issued with the options having an exercise price of $0.01c per share. The proceeds will be used to purchase equipment and materials to meet existing demand and for working capital.
Orthocell appoints two to drive US commercialisation
Tissue regeneration company Orthocell has appointed John Walker and Phillip Edmondson to drive the market launch and sales of its collagen nerve wrap Remplir. Walker a is an experienced sales executive while Edmondson is a medical affairs professional. Both have previously worked on nerve repair device sales at Axogen. Orthocell has $35 in cash to drive the US market launch as well as expansion in Singapore, Southeast Asia, Canada, the EU and the UK.
Six Goldfields-Esperance projects were awarded grants under Round 7 of the Western Australian government’s Regional Economic Development Grants program, including Hydramech Engineering. According to a statement from state regional development minister Don Punch on Friday, the Kalgoorlie-based company will acquire a cutting-edge CNC coordinate measuring machine with support from a $90,000 grant. Punch said, “The Regional Economic Development Grants offer a unique opportunity to diversify our regional economies, and create new jobs and sustainable employment opportunities.”
Artrya raises $5 million
Perth-based medtech company Artrya, which is commercialising a new platform for detecting coronary disease markers, has announced binding commitments for a $5 million placement at $0.42 per share. In a statement on Tuesday, the company said the proceeds of the raise will support product development, clinical, research and development, regulatory work, IT infrastructure and security, and working capital. “We are delighted with the support for the Placement and welcome a number of new highly credentialled investors to the register, alongside Healthliant Ventures, the venture arm of US hospital system Tanner Health,” CEO Mathew Regan said “On behalf of the Board of Directors I would also like to thank our existing shareholders for their ongoing support.” Artrya was a top ten finisher in this year’s Australia 50 Most Innovative Manufacturers list.
Aristocrat to sell Plarium
Gambling machine maker Aristocrat Leisure announced on Tuesday that its subsidiary, Pixel United Holdings, has entered into a binding agreement for the sale of Plarium Global. The sale is for a fixed consideration of $US 620 million, with contingent consideration of up to $US 200 million to Nasdaq Stockholm-listed Modern Times Group, a mobile-first gaming group. The divestment of Plarium follows a strategic review announced in May and, according to Aristocrat, “focuses on growth across its regulated gaming strength in core land-based gaming, real money gaming and social casino opportunities.” Proceeds are to be deployed to fund its “longer term growth strategy in line with its capital allocation framework” and is “expected to enhance Aristocrat’s revenue growth rate and margins going forward.” It acquired Plarium in October 2017.
From Hanson to Heidelberg Materials
Construction materials supplier Hanson Australia became Heidelberg Materials Australia on Tuesday, in line with its parent company’s global rebranding strategy. HMA CEO Phil Schacht said, “While our name is changing, we are committed to being our customers’ trusted source for construction materials, supported by great people and quality products.” Hanson Australia began in 1949 when Pioneer was established as a ready-mix concrete producer, was acquired by Hanson PLC in 2000, and rebranded to Hanson Australia in 2004. Hanson was subsequently acquired by Heidelberg Materials AG (formerly Heidelberg Cement AG) in 2007. Heidelberg Materials began its global rebranding from Heidelberg Cement in September 2022. Hanson’s subsidiaries Hymix, Pioneer North Queensland, Placecrete, Traino, Alex Fraser and Suncoast Asphalt will continue to operate under their existing brands.
New Nutrien Ag Solutions distro centre expected to open in 2026
Fertiliser business Nutrien Ag Solutions has begun work on a $70 million distribution centre, replacing a nearby site at Kwinana Bulk Jetty precinct that was destroyed by a fire in February. According to a statement from the Western Australian government on Tuesday, the new site at Rockingham will increase the company’s bulk granular fertiliser storage capacity by 20 per cent to 130,000 tonnes. It is expected to be operational in 2026. Nutrien has continued to operate at the Kwinana Bulk Jetty precinct with support from the Fremantle Ports Authority. The company announced in September that it plans to triple its manufacturing capacity in Australia with a new site plant nutrition, crop chemical and animal health manufacturing facility in Laverton, Victoria.
McGrath appointed to Standards Australia’s board
Louise McGrath, Head of Industry Development and Policy at employers’ representative the Australian Industry Group, has been elected to the Board of Standards Australia. In an announcement on Tuesday, the Ai Group said the appointment reflected its “ongoing contribution to and support of the development of standards in Australia” and in her role at Ai Group McGrath “is responsible for the standards and product regulatory team that supports 250 representatives on 350 technical committees.” Standards Australia Chair Tracey Gramlick said the appointment would be formally announced at the group’s next Annual General Meeting on November 29.
