L1 Capital-backed heart health group Anteris Technologies was rounding up investors for a $40 million equity raise on Monday morning to go alongside results for the first early feasibility studies needed to earn FDA approval in the US.
L1 Capital-backed heart health group Anteris Technologies was rounding up investors for a $40 million equity raise on Monday morning, as it reported results for the first early feasibility studies needed to earn FDA approval in the US.
The DurAVR technology has been designed to last longer and restore blood flow for aortic stenosis patients.The company was offering shares at $20 apiece, which was a tight 3 per cent discount to Anteris’s last close, for a minimum $40 million raise. Fund managers were being told current shareholders had cornerstoned $30 million of the deal before launch.
The proceeds would fund valve-in-valve trials, prep work for FDA pivotal trial, strategic initiatives and working capital, according to the term sheet. Sources said all of Anteris’s big existing backers were in for the raise, which would also see a new US strategic come in. L1 Capital owns 10.98 per cent of the company, while specialist fund manager Perceptive Life Sciences Master Fund owns 14 per cent after coming in via a strategic placement last year.AdvertisementIt had $60 million pro-forma cash at June 30 and was capitalised at $352 million on the ASX.
has co-edited Street Talk since 2009, specialising in private equity, investment banking, M&A and equity capital markets stories. Prior to that, she spent 10 years in London as a markets and M&A reporter at Bloomberg and Dow Jones.
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