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Private equity firm to raise stake in Cynata Therapeutics

Private equity firm Fidelity International will raise its stake in Cynata Therapeutics Ltd. to about 10% by funneling A$5.2 million in the company.

The Australian stem cell and regenerative medicines company agreed to sell 4,074,320 ordinary shares at A$1.275 apiece to Fidelity.

"Fidelity has been a supporter of Cynata for some time now, and we're delighted to have them become one of our largest shareholders. We are pleased that their investment recognizes the multiple and significant opportunities available to Cynata and the potential of our Cymerus platform to develop stem cell products to treat a wide range of diseases," Ross Macdonald, Cynata's CEO and managing director, said in a statement.

The company said the funds will be used to strengthen its balance sheet and support the company's ongoing product development activities.

Vesparum Capital is acting as an independent capital markets adviser for Cynata in the transaction.