Admedus Limited (ASX:AHZ) continues to receive growing interest from U.S. investors, and has now completed a US$5 million placement at A$0.66 per share.
The placement bolsters Admedus’ financial position entering into 2016.
Admedus will also issue one warrant, to purchase an additional share at an exercise price of A$0.79, for each two shares issued.
Maxim Group LLC acted as sole placement agent in the U.S. for the transaction.
Lee Rodne, MD & CEO, commented:
“The funds raised from this private placement of our shares provides a significant boost to the company’s financial position as we enter the New Year and reflects growing interest in Admedus by U.S. investors.
"2015 has been a very positive year for Admedus as we’ve continued to show strong successes in our programs and we’re expecting to achieve a number of key milestones in 2016.”
Allocation of funding
Funds raised from the placement will be used to support ongoing programs within the company.
This includes the progression of the HPV immunotherapy program towards a clinical study in 2016 and continued expansion of the ADAPT® regenerative medicine product portfolio.
Admedus, in conjunction with Professor Ian Frazer, is developing a therapeutic vaccine platform, with programs targeting HSV-2, HPV and HPV related cancers.
The HSV-2 program is currently in a Phase II clinical study and the HPV program has shown exceptional results to date and Admedus anticipates that it will enter into a Phase Ib clinical study in HPV infected subjects in the coming year.
In 2015, the company continued its successful global launch of CardioCel®. CardioCel is now used in over 135 centres globally for the repair and reconstruction of cardiovascular defects and disease in both children and adults.
In addition, Admedus has recently initiated a post market clinical study with leading heart institutions to show improved patient outcomes in reconstructing aortic heart valves versus the need to use bioprosthetic valves that need to be replaced during the patient’s lifespan.
Rodne added: “Admedus has had another very productive year and is looking forward to reporting the achievement of a number of key milestones in both its immunotherapy programs and regenerative medicine portfolio during 2016.”
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