Perth's Orthocell raises $8m in oversubscribed IPO
Perth-based regenerative medicine company Orthocell has raised $8 million in an oversubscribed IPO, and will now list on the ASX from 8 August.
The company sold 20 million new shares at $0.40 per share, giving it an indicative market valuation of around $33 million. The shares will be listed on the ASX under the ticker code OCC.
Orthocell plans to put the funding towards ramping up marketing efforts for its Ortho-ATI product in Australia and preparing applications for the product in its first international market - likely either Europe or Japan.
Ortho-ATI (autologous tenocyte implantation) is a stem cell therapy for damaged tendons and ligaments.
Proceeds from the raising will also be used to finalise the development of CelGro, a collagen-based scaffold to facilitate tissue repair in reconstructive surgical applications, and lodge it for regulatory approvals.
Finally, part of the funds will be used to maintain regulatory approvals for Ortho-ATI and Ortho-ACI (autologous chondrocyte implantation) in Australia.
Despite recent speculation that Australia’s investment community is suffering from deal fatigue, Orthocell managing director Paul Anderson said the response to the company’s IPO has been “fantastic. By investing with Orthocell, they have shown their confidence in our technology and future helping people suffering from painful musculoskeletal injuries and conditions”.
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