Avita Medical Release: $10.2 Million Capital Raising Oversubscribed
NORTHRIDGE, CA and CAMBRIDGE, UNITED KINGDOM--(Marketwire - October 22, 2012) -
Avita Medical website
The Capital Raising includes:
- The SPP, which raised approximately $2,996,600 via the issue of 24,721,847 shares at $0.12 per share;
- An initial Placement of 51,720,667 shares that will raise a total of $6.21 million at $0.12 per share -- the first tranche of 31,461,325 shares, representing $3.78 million, closed last month, and the second tranche of 20,259,342 shares, representing $2.43 million, is expected to close by October 26, 2012;
- A further Placement of 9,908,334 shares that will raise a total of $1.19 million also at $0.12 per share -- the first tranche of 4,280,417 shares, representing $0.514 million, closed this week, and the second tranche of 5,627,917 shares, representing $0.675 million, is expected to close by October 26, 2012.
The Capital Raising should fund the Company's growth phase leading into FDA submission. Dr William Dolphin, CEO of Avita Medical, said, "I am very pleased that our existing shareholders have shown such strong support for Avita and that, following the successful completion of the $7.4M placement managed through Octa Phillip Securities, a large percentage of shareholders have participated in the SPP."
"The additional capital raised from the SPP, along with the funds from the Placement, will be used in the expansion of sales and marketing efforts, funding of studies for the treatment of chronic wounds (venous and diabetic lower limb ulcers), ongoing marketing studies for the use of ReCell in plastic, reconstructive and aesthetic procedures and development of the next generation of Avita's regenerative medicine product line," Dr. Dolphin said.
Shares issued under the SPP will rank equally with existing shares.
Octa Phillip Securities acted as sole Lead Manager for both the Placement and the SPP.
ABOUT AVITA MEDICAL LTD.
Avita Medical (http://www.avitamedical.com/) develops and distributes regenerative and tissue-engineered products for the treatment of a broad range of wounds, scars and skin defects. Avita's patented and proprietary tissue-culture, collection and application technology provides innovative treatment solutions derived from a patient's own skin. The company's lead product, ReCell® Spray-On Skin™, is used in a wide variety of burns, plastic, reconstructive and cosmetic procedures. ReCell is patented, CE-marked for Europe, TGA-registered in Australia, and SFDA-cleared in China. ReCell is on market and generating early revenues. ReCell is not available for sale in the United States; in the U.S. ReCell is an investigational device limited by federal law to investigational use. A Phase III FDA trial is in process.
Avita Medical Ltd.
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