Total
0
Shares
  • Anteris Technologies (AVR) is working to secure a $20 million funding package to be used primarily on future research and development
  • The company has developed a piece of tech called DurAVR, which is a 3D single-piece aortic valve used in the treatment of aortic stenosis
  • This new funding package is made up of a $1 million placement and a potential $2.5 million convertible note fund from Mercer Street Global Opportunity Fund
  • The New York-based investment group may also provide $16.5 million via a put option agreement, dependent on AVR shareholder approval
  • Shares in AVR are trading up 7.47 per cent at $4.03 each

Anteris Technologies (AVR) has potentially secured $20 million in funding to be used primarily on future research and development.

The company has developed a piece of tech called DurAVR, which is a 3D single-piece aortic valve used in the treatment of aortic stenosis.

Funding deal

AVR has signed a deal with Mercer Street Global Opportunity Fund for a placement, convertible note and put option agreements.

The New York-based investment group will buy $1 million in AVR shares, with each share priced at $3.43.

Mercer will then buy $1.5 million in convertible notes from Anteris, with the option to buy an additional $1 million in notes if shareholders approve or if the company has existing capacity.

If all of the deals go through, the investment group may also provide $16.5 million in extra funding via a put option agreement.

The agreement is subject to AVR shareholder approval and would essentially mean Mercer is required to buy new Anteris shares in ongoing tranches.

Bolstered balance

All up, the initial placement to Mercer, as well as a private placement announced at the end of last month and a recent research and development advance, leaves Anteris with $4.8 million in new funds.

"We are excited to partner with Anteris through this crucial stage of its development and to add a promising MedTech player to our portfolio," Mercer Managing Member Jonathan Juchno said.

"We believe AVR's technology could drastically change the landscape of the aortic valve replacement market. We have the highest confidence in Anteris' management to unlock that potential through 2021," he added.

Shares in Anteris Technologies are trading up 7.47 per cent at $4.03 each at 12:44 pm AEDT.



Subscribe


AVR by the numbers
More From The Market Herald
Cann Global (ASX:CGB) shares on the rise after Thailand’s hemp rules change

" Cann Global (ASX:CGB) shares on the rise after Thailand’s hemp rules change

Cann Global (CGB) shares are on the rise today after Thailand’s regulation for hemp changes.
Cellmid (ASX:CDY) - Chief Executive, Maria Halasz - The Market Herald

" Cellmid (ASX:CDY) takes first orders from Hong Kong distributor

Cellmid (CDY) has received the first order for its skincare products from Hong Kong-based distributor Ourui Health Management.
Mach7 Technologies (ASX:M7T) - CEO, Mike Lampron - The Market Herald

" Mach7 Technologies (ASX:M7T) wins $7.9M contract

Mach7 Technologies (M7T) has secured a $7.9 million contract through its wholly-owned subsidiary with U.S. nonprofit, Adventist Health System.
SUDA Pharmaceuticals (ASX:SUD) - Executive Chairman, Paul Hopper - The Market Herald

" SUDA Pharmaceuticals (ASX:SUD) shares drop as MTPS leaves ZolpiMist agreement

SUDA Pharmaceuticals (SUD) shares are down this morning after Mitsubishi Tanabe Pharma Singapore (MTPS) announced it would not proceed with its ZolpiMist agreement.