C3 raises $10m
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Tuesday, 16 August, 2005 - 22:00
CLINICAL Cell Culture has raised $10 million after completing a share placement of 28.6 million fully paid ordinary shares to Australian investors.At an issue price of 35 cents a share, the placement represented a discount of 33 per cent to the three-month volume-weighted average price for C3 shares for the three-month preceding period. C3 managing director Troels Jordansen said the company already had sufficient cash to achieve its objectives, but with a better than expected response to the company’s product, the board decided to further strengthen the balance sheet to fund profitable growth.Following the placement, C3’s cash reserves sit at $18.2 million, with plans for the new funds to be used in launching the company’s ReCell skin grafting product in Europe, Japan and the Americas this year, with Food and Drug Administration approval expected in the US by September or October.