Admedus Ltd (ASX:AHZ) shareholders have subscribed for 9.2 million shares priced at 30 cents raising $2.76 million in funding under a share purchase plan (SPP).
The SPP follows a placement also priced at 30 cents in early-mid May which raised about $6 million.
SPP funds will help to facilitate further expansion and acceleration of its new product pipeline, including TAVR and the unique 3D shaped tissue portfolio.
READ: Admedus secures $6 million to expand medical technologies strategy
Transcatheter aortic valve replacement (TAVR) is where a valve is placed into the heart via a catheter (usually inserted through the leg) to replace the aortic valve, eliminating the need for open-heart surgery.
Admedus’ new TAVR device is designed to reduce the risks associated with the insertion and placement of the valve.