Admedus (ASX:AHZ) substantial shareholder MC Management Group Pty Ltd has increased its stake in the company to 6.2% from 5.1%.
Between 22 September and 5 November, MC Management had acquired 15,223,530 shares for a total of $2,021,952.54 for an average price of $0.133 per share.
It now holds 88,721,537 shares in Admedus.
The company continues to increase market penetration of its lead regenerative tissue product CardioCel® with four surgeons in Singapore receiving approval to use the product under an early access program.
CardioCel® is also currently in use in 15 centres in the U.S. and 20 centres in Europe, ahead of its 12 month forecast target of 15 centres in each jurisdiction.
Admedus is currently seeking marketing approval for CardioCel® in multiple markets in Asia as part of its global strategy to launch the product in significant markets and increase revenue.
The company is also working with Professor Ian Frazer and the team at Admedus Vaccines to take their Herpes simplex 2 (HSV-2) therapeutic vaccine into the next clinical study, which is anticipated to be initiated towards the end of this year or early next year.
Admedus had $14.4 million in cash at September quarter end.
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