AVITA Medical, a company in acute wound care, has successfully raised about US$15 million (~A$23 million) through a private placement of shares to investors in Australia.
AVITA Medical sold approximately 17.2 million new CDIs (CHESS Depositary Interests, which are similar to shares) at A$1.32 each. This price was 11 per cent lower than the closing price of A$1.48 on the Australian Stock Exchange the day before.
The company stated that it plans to use this money to support its growth and operations. It expects the funding to sustain its operations until 2026, when it anticipates becoming cash flow positive.
Jim Corbett, the CEO of AVITA Medical, said the strong support from investors shows growing confidence in the company's strategy and the potential of their wound care products. He welcomed new Australian shareholders and thanked existing investors for their continued support.