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SomnoMed raises A$4.5M via entitlement offer

Australia's SomnoMed Ltd. raised about A$4.5 million through the retail component of its previously announced 1-for-17 entitlement offer.

The company, which makes medical devices for sleep disorders, sold about 1.49 million new shares at A$3 each. The shares are expected to start trading on the ASX March 23.

SomnoMed said about 62% of the entitlements were taken up, with the shortfall to be allocated to TDM Asset Management Pty. Ltd. and other major shareholders.

The company raised a total of about A$10.4 million from the institutional and retail entitlement components.

SomnoMed plans to use proceeds as working capital, particularly to help roll out its device for obstructive sleep apnea in North America.