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.
