Avita Medical Ltd. said investors agreed to buy 320,475,665 of its shares through an institutional placement.
The shares were priced 5 Australian cents each, for A$16 million in expected proceeds.
The placement's first tranche of about A$12.8 million in shares is expected to settle June 12. The second tranche of about A$3.3 million in shares remains subject to shareholder approval at a July meeting.
Valencia, Calif.-based Avita Medical plans to use proceeds on the U.S. launch of Recell, a regenerative medical device for treating burns and wounds. The U.S. Food and Drug Administration is expected to complete its premarket review of Recell in the third quarter of 2018.
