Admedus Ltd (ASX:AHZ) closed its partially underwritten rights issue last Thursday receiving $5.37 million worth of applications.
An additional $13.58 million worth of shares will be placed with the underwriters meaning a total of $18.96 million in funding has been secured.
Eligible shareholders were able to subscribe for five new shares priced at 8 cents for every seven existing shares held.
New shares also came with an attaching option exercisable at 8 cents expiring three years from the date of issue.
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Admedus also has the right to place the shortfall valued at $1.2 million within three months of the closure of the rights issue, being last Thursday.
The new shares and new options issued under the rights offer are expected to be allotted today and begin normal trading tomorrow.
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The rights issue marks an important step in Admedus’ recapitalisation plan that it has been working towards since August 2018.
Funding secured from the capital raising will support Admedus in consolidating and further developing its ADAPT portfolio and position itself for the development of new products in 2019.
ADAPT is a pioneering technology that enables the manufacture of biomaterial scaffolds that mimic human tissue.
It has been used to create scaffolds, such as the next generation collagen scaffold VascuCel, used in cardiac repairs and reconstruction procedures for many years.