Oventus raises millions
By HME News Staff
Updated 11:03 AM CDT, Tue May 11, 2021
BRISBANE, Australia – Oventus Medical has firm commitments from institutional and sophisticated investors for a two-tranche placement of ordinary shares to raise about $5 million. The company has also launched a fully underwritten 1 for 4.4 pro-rata, non-renounceable entitlement offer to raise another $5 million. “We thank all those investors who showed strong support for the company through the placement, despite the challenges brought about by sustained lockdowns in our key markets,” said Sue MacLeman, chair of the company’s board of directors. “With changes to our business models removing barriers to patient treatment, and the macro-environment starting to open up, this funding will be key to underpinning the next stage in Oventus’ growth.” Oventus will use the capital raise to strengthen its balance sheet and enable the company to enhance its manufacturing operations and logistics, and sales and marketing activities. It will also use the capital to support one-off restructuring and formation costs relating to the reduction in operating expenses.
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