Orthocell Ltd (ASX:OCC, OTC:ORHHF) is gearing up to launch proprietary nerve repair medical device Remplir to the US$1.6 billion US market, after securing A$17 million in a share placement involving up to 28.3 million shares.
The company welcomed a notable number of new leading Australian and international institutional investors under this latest placement, alongside key existing institutional shareholders and life science funds.
OCC expects the capital raise will fully fund the launch of Remplir into the US market – the company is currently on-track to release top-line results from its US authorisation study and submit its US 510(K) market authorisation application in the fourth quarter of this calendar year.
Accelerating commercialisation at pace
“We are extremely pleased to announce this significant placement following on from our second consecutive quarter of record revenue, regulatory approval of Remplir in Singapore, successful first sales of Striate in Canada, and the exciting outlook for the company as it progresses approvals in new key jurisdictions like the US.
“This allows us to grow the USA market quicker, invest in volume manufacturing and also speed up the progress of our promising pipeline products.
“The board and I would like to welcome the new investors to the register.”
Once this placement is squared away, OCC will have more than A$35 million in the wash chest, more than enough to pursue the company’s global expansion strategy including the pivotal US FDA product registration for Remplir expected in first quarter in calendar year 2025.