Anteris Technologies Secures $30 Million for DurAVR THV Development
AVR (AVR) Share Update July 2024 Tuesday 23rd
Anteris Technologies Raises $30 Million to Advance DurAVR THV Development
Anteris Technologies Ltd (ASX: AVR) has successfully raised $30 million through a single tranche placement of new fully paid ordinary shares. This funding will support the ongoing development and commercialization of their innovative DurAVR THV system.
Instant Summary:
- Raised $30 million through a single tranche placement.
- Issue price of $16.00 per new share, a 6.2% discount to the last closing price.
- Funds to be used for DurAVR THV development, pivotal registration study, manufacturing upscaling, and general working capital.
- Positive progress towards FDA approval for DurAVR global Phase 3 pivotal study.
Successful Fundraising
Anteris Technologies Ltd, a leading structural heart company, announced that it has successfully completed a $30 million single tranche placement of new fully paid ordinary shares at $16.00 per share. This placement was well-supported by both new and existing institutional and sophisticated investors.
The funds raised will be allocated to several key areas, including the ongoing development of the DurAVR THV system, preparatory activities for the pivotal registration study, upscaling in-house manufacturing, continued research and development, and general working capital.
DurAVR THV Development
The DurAVR THV system is Anteris' flagship product, designed to treat aortic stenosis. It is the first transcatheter aortic valve replacement (TAVR) to use a single piece of bioengineered tissue, mimicking the performance of a healthy human aortic valve. This innovative product is made using Anteris' patented ADAPT tissue technology, which has been clinically proven to be free from calcification for up to 10 years.
FDA Approval and Commercialization
Anteris is making significant progress towards achieving FDA approval for the DurAVR global Phase 3 pivotal study. The company is now well-positioned to commence the FDA submission and conduct ongoing pre-market commercialization activities. Discussions with potential partners are also ongoing, indicating strong interest in the DurAVR THV system.
Placement Details
The placement involved the issue of approximately 1.875 million new shares at an issue price of $16.00 per share, representing a 6.2% discount to the last closing price of $17.05 per share as of 19 July 2024. The settlement of new shares issued under the placement is scheduled for 29 July 2024, with allotment, quotation, and trading to commence on 30 July 2024.
Canaccord Genuity and Evolution Capital acted as Joint Lead Managers for the placement, with Bell Potter Securities Limited acting as Co-Manager.
The successful completion of the $30 million placement is a positive development for Anteris Technologies, providing the necessary funds to advance the development and commercialization of the DurAVR THV system. This funding will enable the company to continue its progress towards FDA approval and expand its manufacturing capabilities. The discount on the share price may have a short-term impact on the stock price, but the long-term benefits of the funding are expected to outweigh this.
Investor Reaction:
Investors have reacted positively to the news, with many expressing confidence in the company's ability to bring the DurAVR THV system to market. Analysts have noted the strong support from institutional and sophisticated investors as a positive sign for the company's future prospects.
Conclusion:
With the successful completion of the $30 million placement, Anteris Technologies is well-positioned to advance the development and commercialization of the DurAVR THV system. Investors should keep an eye on the company's progress towards FDA approval and its ongoing commercialization efforts.