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Avita Medical raises A$4.5M, looking for a further A$12.4M

Avita Medical Ltd. said it raised A$4.5 million via a private placement of 101 million shares priced at 4.5 Australian cents apiece.

The company is looking to raise up to a further A$12.4 million via a 1-for-2.8 nonrenounceable rights offering also priced at 4.5 Australian cents apiece.

The rights issue, underwritten by Bell Potter Securities Ltd., is expected to close Nov. 2.

Avita Medical plans to use proceeds to commercialize its ReCell device in the U.S., as well as evaluate new indications for the skin healing technology.