Orthocell has today announced that it has received firm commitments for a $30 million capital raising via an institutional placement.
The capital raising received strong international and domestic demand from institutional and sophisticated investors, resulting in the addition of several US institutions to the share register. Canaccord Genuity acted as Sole Lead Manager to the Placement.
Proceeds from the raising will be used to:
- accelerate the US roll out of the Company’s flagship nerve repair product Remplir™
- undertake clinical studies to commercialise the use of Remplir in the significant prostate cancer surgery market
- advance commercialisation of pipeline products in tendon and ligament repair
- expand capacity at Orthocell’s existing manufacturing facility
- invest in new applications and technologies in the regenerative medicine sector.
Orthocell CEO and MD, Paul Anderson, said:
“We have built significant momentum in the commercialisaiton of Remplir and the funds from the capital raising will be focused on accelerating that process. We greatly appreciate the support we have received from new and existing institutional and high net worth investors and particularly welcome our new investors from the US. We see that as a significant endorsement of our strategy and progress to date as well as the near-term revenue that can be generated from the US market.”