Anteris Technologies (ASX:AVR) has entered a binding agreement to place 1.84 million new shares with Perceptive Life Sciences Master Fund to raise US$20 million.
The shares will be placed at $15 per share This represents a 20 per cent discount to the closing price on 28 February 2022.
The placement makes Perceptive Advisors the largest shareholder in Anteris with an approximate 14 per cent holding.
Anteris said it follows "months of scientific due diligence" on its ADAPT tissue technology and DurAVRTM, the company’s 3D single-piece aortic valve for treating aortic stenosis.
US-based Perceptive Advisors is an investment management firm focused on supporting progress in the life sciences industry by identifying opportunities and directing financial resources toward the most promising technologies in modern healthcare. It currently manages approximately $US9.5 billion across its portfolio.
“We are thrilled to have Perceptive join our shareholder base as the fund’s physician-led approach to investing and track record of supporting portfolio companies over the long-term helps ensure we can deliver on the goal of bringing our exceptional TAVR product to market.
"This transaction represents the company’s largest investment from a fund and we appreciate the confidence Perceptive has in our ground-breaking technology,” said Anteris CEO Wayne Paterson.
Anteris said the proceeds will be used primarily for the clinical development of DurAVRTM.
The company said it starts its US multi-centre phase 2 Early Feasibility Study (EFS) of DurAVRTM in patients with aortic stenosis this year. The company is also embarking on European clinical trials in an equivalent patient population towards a potential CE Mark filing in 2023.