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Admedus board members stand with shareholders and buy shares

Current and former directors recently invested $700,000 in the company.

empty board room seats around a table
The company derives revenue from its ADAPT® and Infusion business divisions

Admedus Ltd (ASX:AHZ) has issued $200,000 worth of shares to three of its board members as part of the recent capital raising priced at 30 cents.

The share issuance required shareholder approval which was received at the extraordinary general meeting held yesterday.

Furthermore, a former director of the board Matthew Ratty was issued $500,000 worth of shares.

READ: Admedus raises $2.76 million from share purchase plan

Chairman John Seaberg purchased $50,000.10 of shares, president and CEO Wayne Paterson purchased $50,000.10, and non-executive director Simon Buckingham purchased $99,999.90.

READ: Admedus progressing towards securing $18 million investment for immunotherapies division

Admedus recently made progress towards securing a long-term funding arrangement for Admedus Vaccines Pty Ltd with Hong Kong investor Star Bright Holding Ltd by executing a Memorandum of Understanding (MoU).

In April, Admedus Vaccines entered into a Letter of Intent with Star Bright who paid a non-refundable break-fee of $500,000 to finalise the terms of an investment of $18 million.

The $18 million investment will be retained in the immunotherapies business to support ongoing research and development, as well as operational activities.

Quick facts: Admedus Ltd

Price: 0.09 AUD

ASX:AHZ
Market: ASX
Market Cap: $53.18 m
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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

2 min read