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AorTech International to raise £2.1M in share offering

AorTech International Plc is looking to raise about £2.1 million through the issuance of 7,000,271 new shares priced at 30 pence each, subject to shareholder approval.

The U.K. based company will use the proceeds to fund the development of its product pipeline, which includes offerings for heart patients.

The medical device company also nominated John Ely, Geoffrey Berg and David Richmond to serve on its board after the fundraising has closed.

Ely was previously with the U.S. Food and Drug Administration's team in charge of approving cardiovascular medical devices, including heart valves. Berg was a former consultant heart surgeon in Scotland-based Golden Jubilee Hospital.

Richmond is the founder of Culzean Medical Devices Ltd., also known as RUA Medical, a medical device company acquired by Lombard Medical Inc.