Anteris Technologies Pty Ltd (ASX:AVR, NASDAQ:AVR) has closed a US$320 million aggregate capital raise, completing an upsized US$230 million underwritten public offering alongside a US$90 million strategic investment from Medtronic plc.
The completed transactions mark a major funding milestone for the structural heart company as it advances its global pivotal clinical program and scales manufacturing in preparation for potential commercialisation.
Capital raising structure and pricing
The underwritten public offering was initially announced earlier this week at US$200 million but was increased to US$230 million following the full exercise of the underwriters’ option to purchase additional shares.
Anteris ultimately issued 40 million common shares at US$5.75 per share in the public offering, including the additional shares issued under the option.
In parallel, the company completed a private placement of 15.65 million shares to Medtronic at the same US$5.75 per share, bringing total gross proceeds from the two transactions to about US$320 million before fees and expenses.
The offering was led by Barclays, Wells Fargo Securities and Cantor as joint book-running managers, with Barrenjoey Markets acting as financial adviser to Asia-Pacific investors. Wells Fargo Securities also acted as sole placement agent for the Medtronic investment.
Funding global PARADIGM trial and manufacturing expansion
Anteris said the net proceeds from the offering and private placement, together with existing cash reserves, will support the next phase of growth and execution of its clinical strategy.
A key focus will be the ongoing recruitment and execution of the global pivotal PARADIGM trial, which is evaluating the safety and effectiveness of the DurAVR® Transcatheter Heart Valve (THV) in patients with severe aortic stenosis. The company also plans to use funds to expand manufacturing capabilities and support continued research and development activities, with remaining capital allocated to working capital and general corporate purposes.
The PARADIGM trial is a large, randomised controlled study designed to enrol around 1,000 patients globally and compare DurAVR® head-to-head against commercially available transcatheter aortic valve replacement (TAVR) systems. The trial assesses a composite endpoint including all-cause mortality, stroke and cardiovascular hospitalisation at one year.
Recruitment is already under way, with the first patients enrolled and implanted in Denmark during the December quarter of 2025.
Strategic backing from Medtronic
Management said the US$90 million investment from Medtronic provides both financial support and crucial strategic validation of Anteris’ valve technology as it moves towards regulatory approval and commercialisation.
“This strategic investment, along with our underwritten offering of common stock, represent an important milestone for our company,” said Anteris chief executive officer Wayne Paterson.
“It also provides strong validation of our program from the capital markets and a major strategic innovator,” he added. “The investment is one aspect of a collaboration that may expand into other strategic areas in the future.”
Medtronic said its investment reflects confidence in differentiated innovation within the TAVR market, particularly in technologies that aim to improve haemodynamics and valve performance within a balloon-expandable platform.
Strengthened balance sheet supports next phase
With the capital raise now completed, Anteris said it is well positioned to maintain momentum across clinical execution, manufacturing scale-up and longer-term commercial planning.
The strengthened balance sheet is expected to support expansion of the PARADIGM trial across additional geographies and advance Anteris’ goal of delivering next-generation transcatheter heart valve solutions to a growing global patient population.