How are PolyNovo (ASX:PNV) shares faring post A$30M equity raise?

Published on November 23, 2022 01:45 PM AEDT

How are PolyNovo (ASX:PNV) shares faring post A$30M equity raise? — Image source: © Terovesalainen | Megapixl.com

Highlights:

PolyNovo completed raising AU$30 million through an institutional placement today.

Meanwhile, the company’s shares were trading 8.612% lower on ASX at 12:51 PM AEDT today.

Today, the medical device developer PolyNovo Limited (ASX:PNV) announced that it had received commitments to subscribe to new fully paid ordinary shares pursuant to an institutional placement of AU$30 million.

PolyNovo’s shares were trading 8.612% lower on ASX at AU$1.910 per share at 12:51 PM AEDT today (23 November 2022).

Details of PolyNovo’s institutional placement?

Today the board of PolyNovo said that it has successfully completed raising AU$30 million through an institutional placement. Around 15.8 million shares, at a price of AU$1.90 per share, were involved in the institutional placement.

PolyNovo’s institutional placement received support from its existing institutional shareholders as well as new domestic and offshore institutional shareholders.

The funds raised from the equity raising will be used for accelerating business growth in the US and other key markets of PolyNovo, such as Canada, India, and Hong Kong.

This fund will also be used for developing a new R&D and manufacturing facility of NovoSorb, adjacent to its existing facility in Port Melbourne. It will help the company to expand the production of NovoSorb to meet its rising demand in the world.

Swami Raote, the Chief Executive Officer of PolyNovo, said:

The share price movement of PolyNovo:

In the last one year, PolyNovo’s share price has marked a gain of over 35% on ASX. On a year-to-date (YTD) basis, the company’s share price went up over 23% on ASX. However, in the last one month, PolyNovo’s share price has declined by 4.48% on ASX (as of 12:58 PM AEDT today).

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