29/05/2014 - 15:26

Orthocell unveils IPO plans

29/05/2014 - 15:26

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Perth-based biotech firm Orthocell has confirmed it intends to list on the ASX after outlining plans for an $8 million initial public offering.

Orthocell unveils IPO plans

Perth-based biotech firm Orthocell has confirmed it intends to list on the ASX after outlining plans for an $8 million initial public offering.

The company said it would offer up to 20 million shares at 40 cents each to raise the proceeds, which would be used to progress the development of its CelGro collagen technology.

Business News reported earlier this month that the company had appointed two financial advisers to seek out investors as part of its plans to go public.

In an announcement released today, Orthocell said it had appointed KTM Capital and Azure Capital to lead the float, with Shaw Stockbroking as co-manager.

Orthocell owns intellectual property rights for Ortho-ATI – a world-first tendon stem cell treatment for degenerated tendon tissue – and CelGro, which is a collagen-based scaffold that assists in repairing soft tissue damage.

The company said the funds raised from the IPO would be used to finalise development of CelGro and lodge the product for regulatory approval in Australia.

The company will also seek regulatory approvals for its Ortho-ATI technology in Europe or Japan, which will mark its international entrance.

Orthocell chairman Stewart Washer said the markets for the company’s technology were large and growing.

Orthocell is a revenue generating company whose line of products have wide ranging applicability in repairing tendon, cartilage and soft tissue which has been damaged by disease, injury and the ageing process,” he said.

The float will be the third by a Western Australian company this year after Stavely Minerals and Pioneer Credit launched IPOs earlier this month.

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