leadf
logo-loader
viewAnteris Technologies Ltd

Admedus Limited with $28M funding to grow global healthcare business

The fully subscribed $16.1 million rights issue brings the total raised to about $28 million. This will assist progression of Admedus’ global healthcare programs and plans.Proceed will be used to grow the company’s integrated global healthcare business.

au_admedus_manufacturing_facility_3_358_55307dc1c1586.jpg

Admedus Limited (ASX:AHZ) has raised $16.1 million through a fully subscribed rights issue to undertake a number of strategic business opportunities.

This adds to its successful $12 million placement in March, bringing the total raised up to $28.1 million.

Proceeds will be used to increase sales of its lead regenerative tissue product CardioCel®, supports continued development of its regenerative tissue portfolio and advance its immunotherapy programs with Professor Ian Frazer.

“The company thanks shareholders for their support for this Rights Issue and the recent Placement with the total capital raised of approximately $28 million,” chief executive officer Lee Rodne said.

“This will assist the progression of the Company’s programs and plans as we continue to grow our integrated global healthcare business.”


Use of Funds

Funds raised from the rights issue and placement – totalling up to $28 million – will be used for:

- Ongoing sales team build and support: $9 million;
- CardioCel® cardiovascular expansion studies: $3 million
- Expansion of regenerative tissue portfolio: $3.5 million
- Additional regulatory filings: $1 million
- Tissue manufacturing scale up and process development: $2 million
- HPV Phase I/II preparation and study plus manufacturing: $3.5 million
- Additional immunotherapy R&D: $2 million
- Provide further working capital: $2.5 million
- Cost of the Offer: $1.5 million

This is indicative and subject to change.


Upcoming Activity


The company will this month start vaccine dosing under its Herpes Simplex 2 (HSV-2) Phase II study with patient enrolment on track for completion this quarter.

It is also expanding its regenerative tissue portfolio into additional large target repair markets following successful initial results from a pre-clinical study of ADAPT® treated tissue in the repair of dura mater, the outer membrane enveloping the brain and spinal cord .


Analysis

The fully subscribed $16.1 million rights issue brings the total raised by Admedus up to $28.1 million.

This positions the company to drive sales growth for its lead regenerative tissue product CardioCel®.

The dosing of its Phase II Herpes study is a key milestone and the program is being watched not only by investors but by those afflicted with the condition - worldwide.

Genital herpes affects more than 1 in 6 Americans between ages 14 and 49 according to the Centers for Disease Control in the U.S. WHO estimates the number of people aged 15–49 years who are living with HSV-2 worldwide exceeds half a billion.

Notably, there is currently no cure for HSV-2. The high infection rates make for a large market, which is estimated to be worth up to $6 billion.

The funding will also allow it to continue development of its regenerative tissue portfolio and advance its immunotherapy programs with Professor Ian Frazer.

Share Price Catalysts

Immunotherapies
- Completion of HSV-2 Phase II enrolment (end 2Q2015);
- Interim Analysis from study (4Q2015); and
- Starting Phase I study for Human Papilloma Virus vaccine.

Regenerative tissue portfolio and CardioCel®
- Increase number of centres using CardioCel® globally;
- Growing sales in the US, Asia & Europe;
- Additional market approvals for CardioCel® in Asian markets;
- Initiation of CardioCel® market expansion studies such as a Tri-leaflet Aortic Heart Valve Repair Study;
- Progress on use of ADAPT® treated tissue in the repair of dura mater, the outer membrane enveloping the brain and spinal cord; and
- Expanded regenerative tissue portfolio.



Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX emerging companies with distribution in Australia, UK, North America and Hong Kong / China.

Quick facts: Anteris Technologies Ltd

Price: 3.99 AUD

ASX:AVR
Market: ASX
Market Cap: $23.58 m
Follow

Add related topics to MyProactive

Create your account: sign up and get ahead on news and events

NO INVESTMENT ADVICE

The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...

In exchange for publishing services rendered by the Company on behalf of Anteris Technologies Ltd named herein, including the promotion by the Company of Anteris Technologies Ltd in any Content on the Site, the...

FOR OUR FULL DISCLAIMER CLICK HERE

Admedus CEO in New York to update on recent key milestones

Admedus Ltd (ASX:AHZ) CEO Wayne Paterson visited the Proactive Investors New York studio to update on key milestones the company has achieved in the past few months, including receiving European approval on two of its products.

on 03/17/2019

4 min read