Microba Life Sciences (ASX: MAP) – microbiome service
ABOUT COMPANY
Microba Life Sciences (MAP) (https://microba.com/) is a precision microbiome company with leading technology developed at the University of Queensland. The company provides its gut microbiome testing services globally through its global testing services and partner distribution model.
The company was listed in April 2022 by raising $30m@45c.
In Oct 2023, the company spent $16m plus to acquire a UK microbiome company with FY23 revenue of $8.9m from 7,300 tests.
CAPITAL STRUCTURE
| ASX Code | Share Price | Shares | Option (In) | Market Cap | Cash/Asset ($m) |
| MAP | 0.17 | 447851977 | 76134836.09 | 29.5/(5.8) |
| Holders No | Top 20 (Cur) | Top 20 (Pre) | Director Hold | Performance Right | Note |
| 1189 | 75.8% | 70.12% | 16.19% | last raise $20m@23c |
In December 2022, SHL acquired 19.99% (or 17.8m shares)@26c.
The company’s shareholding register includes many prominent investors.
BUSINESS
The company should have sufficient capital to start the MAP315 phase I trial in FY23.
SUMMARY
If a $9m revenue business is only worth $16m, then MAP worth $10m-$15m net of cash at the best.