Allied Healthcare closes $4.6m capital raising
Allied Healthcare (ASX:AHZ) has raised a total of $4.6 million from a placement and subsequent share purchase plan.
The company today revealed that it has concluded a share purchase plan, raising $2.9 million. This followed the completion of a $1.7 million oversubscribed placement in mid-December.
Chairman Chris Catlow said the company plans to use the additional funds to "support our marketing and clinical development activities."
The majority of the windfall will be used to help fund the market launch of CardioCel, its tissue-engineered cardiovascular patch.
The product was used for the first time outside of clinical trials in October, by a Brisbane cardiovascular surgeon who had applied to use it under the TGA's Authorised Prescriber Scheme.
Part of the proceeds will also be used for the company's DNA vaccine programs, including the herpes vaccine under development by Coridon. This vaccine has shown strong promise in pre-clinical studies, and is due to enter phase I trials this year.
Rodne said this year that Allied Healthcare was anticipating reaching milestones including achieving European approval for CardioCel, and filing a pre-marketing application for the product with the US FDA.
Allied Healthcare (ASX:AHZ) shares were trading unchanged at $0.023 as of 2:30pm on Wednesday
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