Orthocell Raises $8 Million In Oversubscribed IPO
7/22/2014 9:06:56 AM
• Regenerative medicine company Orthocell closes oversubscribed IPO
• Orthocell raises $8 million from investors
• Funds to be used to increase marketing of Orthocell’s therapies as well as maintaining and preparing for regulatory approval its products in Australia and overseas
Perth, Australia; 22 July 2014: Commercial-stage regenerative medicine company Orthocell Limited is pleased to announce it has closed its Initial Public Offering and the $8 million offering was oversubscribed.
Pending ASX confirmation the company is planning to list on the ASX on 8 August 2014.
Orthocell is focused on developing treatments for a variety of tendon, cartilage and soft tissue injuries. Its treatments include Autologous Tenocyte Implantation (Ortho-ATI™), a world-first stem cell therapy that uses a patient’s own cells to repair damaged tendons and ligaments and CelGro™, a collagen-based scaffold which provides mechanical strength to facilitate tissue repair and healing in a variety of reconstructive surgical applications and is in late stage development.
The funds have been raised through the offer of 20 million shares at $0.40 a share. The company has an indicative market valuation of approximately $33 million upon commencement of the shares being listed on the Australian Securities Exchange under the ticker OCC.
“The response to the IPO from institutional and private investors has been fantastic,” Orthocell Managing Director Paul Anderson says.
“By investing with Orthocell they have shown their confidence in our technology and future helping people suffering from painful musculoskeletal injuries and conditions.”
The funds raised from the IPO will be used to:
• Finalise the development of CelGro™ and lodge it for regulatory approvals;
• Maintain regulatory approvals for Ortho-ATI™ and Ortho-ACI™ in Australia;
• Increase marketing of Ortho-ATI™ in Australia; and
• Prepare for regulatory approvals of Ortho-ATI™ in its first international market, likely to be either Europe or Japan.
The IPO was led by KTM Capital and Azure Capital with Shaw Stockbroking as co-manager.
For more information, please contact:
Orthocell Limited, Managing Director
P: (08) 9360 2888
P: (03) 8866 1215 / 0414 796 726
About Orthocell Limited
Orthocell is a commercial-stage, regenerative medicine company focused on developing products for a variety of tendon, cartilage and soft tissue injuries. Orthocell’s portfolio of products include TGA-approved stem cell therapies Autologous Tenocyte Implantation (Ortho-ATI™) and Autologous Chondrocyte Implantation (Ortho-ACI™), which aim to augment, repair, replace or regenerate areas which have been damaged by disease, injury or the ageing process. The Company’s other major product is Celgro™, a collagen medical device which facilitates tissue repair and healing in a variety of orthopaedic, reconstructive and surgical applications and is being readied for first regulatory approval.
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