Admedus Ltd. raised up to A$7.7 million from Star Bright Holding Ltd., a Hong Kong-based investor.

Star Bright subscribed for 42,599,866 Admedus shares, priced 10 cents each, for proceeds of $4.26 million, and for 26,289,636 shares, priced 13.03 cents each, for proceeds of $3.43 million.

The investment increases Star Bright's interest in Admedus to up to 19.99%. The investor can nominate up to four Admedus board members.

The placement with Star Bright plus a $5 million loan facility are part of Admedus' initiative to recapitalize and restabilize its financial position. The company added that it will remain in voluntary suspension until it releases more details regarding the recapitalization plan.

The companies also entered a memorandum of understanding for 60% of Admedus' vaccines business, for an initial investment of A$18 million.

Australia-based Admedus develops medical technologies and devices.