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Australia's Exopharm raises A$7M in IPO

Australia's Exopharm Ltd. raised A$7 million in its IPO.

The Melbourne-based developer of regenerative medicines sold 35 million shares at 20 Australian cents apiece. The shares are expected to start trading Dec. 18 on the ASX.

Exopharm said proceeds from the IPO will go toward its development program, which is focused on product candidates Plexaris and Exomeres, which are exosomes derived from human platelets and adult stem cells, respectively.

Exopharm expects to market Plexaris for indications such as wound healing, dry age-related macular degeneration and osteoarthritis. The company is currently testing Plexaris and Exomeres in animal models.