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- PolyNovo (PNV) receives firm commitments from institutional investors to raise $30 million for its plans to accelerate growth in the US and global markets
- The placement will see the issue of approximately 15.8 million shares at $1.90 per share, which is scheduled to settle on November 28
- Proceeds from the raise will go towards a sales team, expansion, research and development, as well as a new facility for its NovoSorb product
- PolyNovo also aims to raise a further $17 millin through a share purchase plan which will be open from November 30 until December 13
- Shares in PolyNovo are down 8.61 per cent, trading at $1.91 as of 2:59 pm AEDT
PolyNovo (PNV) has received firm commitments from institutional investors to raise $30 million for its plans to accelerate growth in the US and global markets.
The placement will see the issue of approximately 15.8 million shares at $1.90 per share, which is scheduled to settle on November 28.
Additionally, the company will conduct a conditional placement to certain company directors to raise around $3 million. This is subject to shareholder approval which will be sought at its extraordinary general meeting in January 2023.
“Proceeds from the equity raising will allow us to continue to capitalise on the significant opportunities available to us including geographic sales team and indication expansion, investment in R&D and the development of a new facility to satisfy the growing demand for NovoSorb,” CEO Swami Raote said.
The company will also undertake a non-underwritten share purchase plan (SPP) targeting to raise up to $17 million which eligible shareholders will be able to subscribe for up to $30,000 of new shares.
The SPP is expected to open on November 30 and close on December 13.
Shares in PolyNovo were down 8.61 per cent, trading at $1.91 as of 2:59 pm AEDT.
