Orthocell Ltd. completed a placement of about 4,411,765 fully paid ordinary shares priced at 34 Australian cents apiece, raising A$1.5 million before costs.
The company also plans to launch a non-underwritten share purchase plan, under which each eligible shareholder can subscribe for up to A$15,000 of new shares, priced at 34 cents apiece.
The share purchase plan is expected to close Dec. 29.
Orthocell will use proceeds to accelerate commercialization of its CelGro collagen medical device in Europe as well as progress U.S. regulatory approvals and key studies. Proceeds will also go toward developing the company's research and development pipeline products.
Shaw and Partners is acting as sole lead manager for both transactions.
