Anteris Technologies Ltd (ASX:AVR, OTC:AMEUF) has raised A$5 million in a placement to funds managed or advised by Melbourne-based global investor L1 Capital.
AVR has placed 625,000 new ordinary shares to L1 Capital, including the L1 Long Short Fund Limited, at A$8.00 each with the placement price representing a 5% discount to the closing spot price.
For development of DurAVR™
Anteris will use the funds to develop DurAVR™, the company’s 3D single-piece aortic valve for the treatment of aortic stenosis.
The Anteris DurAVR™ aortic replacement valve addresses the acute need in terms of superior haemodynamic profile as well as chronic needs in its ability to sustain that profile longer over the lifetime of the patient.
Funds will also assist AVR with its clinical study program designed to test the safety and feasibility of DurAVR™‘s THV system on patients with severe aortic stenosis.
These studies are important in AVR’s lifecycle as they will provide valuable clinical data to support its pursuit of regulatory approvals in multiple jurisdictions, including the US.
Initial patient enrolments are planned within the coming quarters in both Europe and the US subject to regulatory approvals.
Placement details
L1 Capital has A$5 billion in funds under management and invests in high quality businesses trading below their intrinsic value.
The fund manager sees AVR as the perfect fit.
L1’s management team include a physician who was pivotal in researching and validating Anteris as a viable investment opportunity.
“As the company is rapidly approaching its first in human studies we are very pleased to welcome L1 onto our share register,” Anteris CEO Wayne Paterson said.
“The confidence shown by L1 in the company’s science and progress is demonstrated by the size of the investment and potential follow-on rounds. The presence of L1 alongside our other major investors puts the company in a strong position to carry out its clinical program during the course of 2022.”
The numbers
- L1 will receive 625,000 new ordinary shares;
- 500,000 initial unlisted options, expiring four months after issue with an exercise price of A$10 (initial options); and
- Subject to shareholder approval, 330,000 unlisted 2-year options with an exercise price of A$15. These further options will vest only if all initial options have been exercised.
It should be noted that if shareholder approval is not obtained and the initial options have been exercised, investors will instead receive a cash payment of A$1.25 per further option.