Orthocell has today announced that it has received firm commitments for a $17 million capital raising via an institutional placement.
Funds raised are expected to fully fund the launch of Remplir into the key US$1.6 billion US market, along with expansion into other key markets including Singapore, Southeast Asia, Canada and the EU and UK.
The Placement was led by Canaccord Genuity.
Orthocell Chair, John Van Der Wielen, said:
“We are extremely pleased to announce this significant Placement following on from our second consecutive quarter of record revenue, regulatory approval of Remplir in Singapore, successful first sales of Striate in Canada, and the exciting outlook for the Company as it progresses approvals in new key jurisdictions like the US. This allows us to grow the USA market quicker, invest in volume manufacturing and also speed up the progress of our promising pipeline products. The Board and I would like to welcome the new investors to the register.”