30/05/2019 - 09:49

Orthocell raises $10.6m

30/05/2019 - 09:49

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Orthocell has capitalised on a sustained rally in its share price to raise $10.6 million via a share placement at 40 cents per share.

Orthocell raises $10.6m
Paul Anderson says the success of this capital raising was an endorsement of its business strategy.

Orthocell has capitalised on a sustained rally in its share price to raise $10.6 million via a share placement at 40 cents per share. 

Orthocell said the capital raised would be used to accelerate commercialisation of CelGro for dental bone, tendon and nerve repair into key markets, by progressing key regulatory approvals in the US and other target jurisdictions, as well as supporting continued business development and marketing initiatives.

The placement will result in the issue of approximately 26.5 million shares at the offer price of 40 cents per share.

Bell Potter Securities acted as the lead manager to the placement.

Orthocell managing director Paul Anderson said the success of this capital raising was an endorsement of its business strategy.

Orthocell is well placed to execute on its partnering strategy, leveraging the CE-mark in the US regulatory approval process and introducing other key indications to market,” he said.

On May 8, shares in Orthocell rose 356 per cent from 11.5 cents to 52 cents by the close of trade, after the company released positive results from a CelGro trial.

It has continued to trade above 42 cents since then.

The big increase followed a two-year slide in the company’s share price.

Shares in Orthocell were flat at 46 cents each at 11.25am AEST.

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