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Australia's Rhinomed closes A$6M placement to support sales growth

Australian medical device maker Rhinomed Ltd. said it completed raising A$6 million from institutional and other sophisticated investors to support sales growth.

The placement was made at 22 Australian cents per share, which the company said was an 8.3% discount to the closing share price Sept. 18.

Bell Potter Securities Ltd. acted as lead manager of the placement.

Rhinomed was approved for listing on the OTCQB Venture Market in September.

The company's most recent bout of fundraising netted A$5 million from investors in November 2018.