- Meditech Anteris Technologies (AVR) has raised $1.1 million via a placement to help fuel its work developing a 3D heart valve
- The company is developing a single-piece aortic valve for the treatment of aortic stenosis called DurAVR and it is currently evaluating the technology in a 15-patient study
- Anteris raised the new cash for its working capital requirements via the issue of new shares at $3.37, a 10 per cent discount to the last closing price
- AVR shares are suspended from quotation and last traded on December 22 at $3.75
In its first capital raise in two years, Anteris Technologies (AVR) has secured $1.1 million from investors via a placement.
Anteris raised the new cash via the issue of 316,954 new shares at $3.37, a 10 per cent discount to the last closing price.
Following the placement, the company's largest shareholder is Sio Partners, a New York healthcare hedge fund which holds around 21 per cent of AVR's 6.28 million issued shares.
The new cash will provide working capital for the medical technology company as it progresses the development of DurAVR.
The single-piece aortic valve is being developed for the treatment of aortic stenosis, a narrowing of the aortic valve which subsequently restricts blood flow.
The constricted blood flow then forces the heart to work harder to pump blood around the body and, if untreated, can lead to serious heart complications.
In March 2020, Anteris began the first-in-human study, evaluating the efficacy of the technology in 15 patients.
The study is not expected to conclude until March 2021 but early data shows DurAVR is easy to implant, creates a wider valve and restores normal blood flow dynamics.
AVR shares are suspended from quotation and last traded on December 22 at $3.75.