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Anteris Technologies raises $9 million by issuing placement shares to sophisticated investors

Published: 16:53 02 Aug 2021 AEST

Anteris Technologies Ltd - Anteris Technologies raises $9 million by issuing placement shares to sophisticated investors
Anteris has set out to raise $9 million to meet the working capital requirements for its 3D, single-piece aortic valve.

Anteris Technologies Ltd (ASX:AVR, OTC:AMEUF, FRA:DDF) has issued 1.125 million new ordinary shares to sophisticated investors at $8 per share to raise $9 million in fresh capital.

The company plans to use proceeds from the placement in meeting the working capital requirements of DurAVR™, the company’s 3D single-piece aortic valve for the treatment of aortic stenosis.

Anteris chief executive officer Wayne Paterson said: “With this new capital round, we will continue to deliver on our plan of achieving EFS approval in 2021, as well as advancing our Coronary Artery Bypass Graft and surgical valve projects.”

Additional options with new shares

As a part of the funding exercise, investors will receive three unlisted four-year options for every five new shares issued (totalling 675,000 options) with an exercise price of $10.00.

These options are subject to shareholder approval — if this is not forthcoming, the company will issue a cash payment of $1.25 per option to investors.

Total fees payable to brokers and agents for facilitating the capital raising will amount to 7% of the gross proceeds raised in the placement.

Anteris has agreed to issue the lead manager, Evolution Capital Advisors Pty Ltd, 500,000 options.

The issue of new shares will be made under the company’s available placement capacity under listing rules 7.1 and 7.1A and so does not require shareholder approval.

The company plans to obtain shareholder approval to issue the options to investors and Evolution at an extraordinary general meeting, which will be held over the coming quarter.

Breakthrough in ADAPT® products to create consistently thin tissue

Recently, the company has achieved a breakthrough in manufacturing the tissue used in ADAPT® treated products from bovine pericardium, after developing specialised machinery to create consistently thin tissue through an innovative processing technique.

Thinning tissue on-demand is a challenging engineering feat, which is achieved by several custom equipment iterations and parameter adjustments.

This process reduces the native pericardia thickness to yield tissue with the desired thickness to make its 3D single-piece aortic valves.

Tissue tests demonstrated tensile strength properties equivalent to current ADAPT® treated pericardia.

As a result, valve durability studies, proving absolute equivalence between the processed tissue and native (thin) tissue, are the confirmatory next step.

Anteris has also lodged patent applications to protect its intellectual property in this breakthrough development.

Anteris talks market superiority of its biomimetic TAVR valve

Anteris Technologies Ltd (ASX:AVR, OTC:AMEUF) CEO Wayne Paterson speaks with Proactive after the successful completion of enrolment for the company’s early feasibility study (EFS) to evaluate DurAVR™ THV. This unique device represents a new class of biomimetic valve and stands as the world's...

on 31/10/23