The share issuance required shareholder approval which was received at the extraordinary general meeting held yesterday.
Furthermore, a former director of the board Matthew Ratty was issued $500,000 worth of shares.
Chairman John Seaberg purchased $50,000.10 of shares, president and CEO Wayne Paterson purchased $50,000.10, and non-executive director Simon Buckingham purchased $99,999.90.
Admedus recently made progress towards securing a long-term funding arrangement for Admedus Vaccines Pty Ltd with Hong Kong investor Star Bright Holding Ltd by executing a Memorandum of Understanding (MoU).
In April, Admedus Vaccines entered into a Letter of Intent with Star Bright who paid a non-refundable break-fee of $500,000 to finalise the terms of an investment of $18 million.
The $18 million investment will be retained in the immunotherapies business to support ongoing research and development, as well as operational activities.