Admedus taps investors for $18m

29/07/2016 - 13:35

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Biotech firm Admedus has tapped investors for $18.3 million to fund ongoing development of its medical technologies.

Admedus taps investors for $18m

Biotech firm Admedus has tapped investors for $18.3 million to fund ongoing development of its medical technologies.

Admedus said it has received firm commitments for a $10 million placement, and plans to raise a further $8.3 million by way of a one-for-nine rights issue.

The discounted price of the raising, at 33 cents a share, sent Admedus shares 17.7 per cent lower to 37 cents each at 1:30pm.

“This capital raise will allow us to continue our current strong sales growth and roll out additional products into the cardiovascular markets, whilst implementing our corporate strategy of tighter expenditure control,” chairman Wayne Paterson said.

“The completion of this capital raise, in addition to the implementation of our recent strategic review, removes any concerns about the finances of Admedus and places the company in a very strong position to achieve sustainable profitability for the 2018 financial year and beyond.”

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