Orthocell taps investors for $4m

13/12/2016 - 11:44

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Perth-based Orthocell has raised $4 million to fund ongoing development of its regenerative medicine products.

Perth-based Orthocell has raised $4 million to fund ongoing development of its regenerative medicine products.

Orthocell raised the funds through the placement of 10 million shares at 40 cents each, representing a 10 per cent discount to its five-day volume-weighted average price.

The raising, which was not underwritten, was lead managed by Argonaut Securities.

“The company is pleased to have been able to successfully raise $4 million which will assist us to continue the development of our unique tendon and soft tissue regeneration products and we welcome these new investors onto the register,” Orthocell managing director Paul Anderson said.

Orthocell’s products include its Autologous Tenocyte Implantation cell therapy for tendon regeneration, and its Celgro product, a collagen-based medical device that can repair tissue and heal in a variety of orthopaedic, reconstructive and surgical applications.

Orthocell listed on the ASX in 2014 after completing an $8 million initial public offering.

Shares in Orthocell were 7.9 per cent lower to 40.5 cents each at midday.

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