A$10 Million Capital Raising Oversubscribed
NORTHRIDGE, CA and CAMBRIDGE, UNITED KINGDOM -- (Marketwire) --
10/22/12 -- Regenerative medicine company Avita Medical Ltd. (ASX:
AVH) (OTCQX: AVMXY) today announced that following strong support for
its Share Purchase Plan ("SPP") and Placement, the Company has
raised, in total, $10.4 million at $0.12 per share.
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.
(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(R) Spray-On Skin(TM), 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.
+61 2 9233 9613
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