Admedus completes $6m capital raise

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Admedus (ASX:AHZ) has secured commitments for 20,000,000 shares to be issued to institutional and sophisticated investors at an issue price of $0.30, raising approximately $6 million.

The company said it has also issued an invitation to existing shareholders to participate in a Share Purchase Plan (SPP) that offers the opportunity to subscribe for up to $15,000 worth of new Admedus fully paid ordinary shares at an issue price of $0.30 per Share.

"Funds raised from both the Placement and SPP, will enable the Company to expand and progress its strategic projects, including, the acceleration of our 3D product portfolio from development to commercialisation," it said.

According to CEO Wayne Paterson, “The capital raising follows growing interest from sophisticated institutional investors who value Admedus as an exciting and credible investment opportunity recognising the potential of our unique product portfolio.”

“Since the implementation of our new strategy, the Company has worked diligently across all areas to improve efficiencies, reduce expenses and elevate the reputation and credibility of the business within the global medtech sector,” said Mr Paterson.

“We are only just beginning to explore the full potential of our unique shaped tissue technology with 16 potential new products in the pipeline, each one leveraging the benefits of our clinically-superior ADAPT technology.

“Momentum continues to build across the business with recent announcements including the appointment of a new VP - Development, applications for additional product patents and the signing of a Letter of Intent to provide alternative funding for our immunotherapies division

“Today’s placement of additional funding by high value investors will enable us to fast-track the expansion of our product range and drive future growth in revenue and market share.” he added.