Aortic heart valve company Anteris Technologies (AVR: $21.71) has completed a $35 million capital raise, conducted at $24 per share. Investors also received a free two-year option to buy an additional share at $29.
A number of institutional investors participated in the round, including existing investors, Perceptive Advisors and L1 Capital, as well as Sio Capital and Affinity Asset Managers.
The company has cancelled a proposed 36 month, $50 million draw down facility, that would have allowed the company to raise at least $5 million in tranches at a 7% discount to its prevailing share price.
Next quarter Anteris expects to start a 15 patient Early Feasibility Study in the US with its aortic valve, with the company expecting to be reimbursed for the product implant (around U$25,000). Recruitment is expected to be rapid, with 30-day data expected the following quarter and three-month data towards the end of this year. The trial will be conducted in seven centres in the US.
To date the company has reported excellent data from the first 13 patients treated with the company's DurAVR device implanted via catheter rather than open chest surgery, including 12 month follow-up data. .
Anteris is capitalised at $332 million with a proforma cash balance at the end of last year of $49 million.
Bioshares recommendation: Speculative Buy Class A
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