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Anteris Technologies is planning to relocate its headquarters to the US and relist on the Nasdaq, with a secondary listing on the ASX and an initial public offering (IPO) aimed at raising between US$75 million and US$100 million by the end of 2024.
The funds from the IPO will be used to advance the development of the DurAVR® transcatheter heart valve and to prepare for a pivotal trial under the US FDA.
The company anticipates that relocating to the US will enhance access to investors, improve visibility, and align its operations with its existing business focus, potentially leading to more opportunities in licensing, distribution, and joint ventures within the healthcare stocks sector
Anteris Technologies Ltd (ASX,OTC) is undertaking a strategic move to relocate its corporate base to the United States. This transition involves re-domiciliation to Delaware, where Anteris Technologies Global Corp will serve as the new parent company for the Anteris Group. Concurrently, the company aims to list its shares on the Nasdaq while maintaining a secondary listing of its CHIs on the ASX. An initial public offering (IPO) is also planned, with a goal to raise between US$75 million and US$100 million by the close of 2024.
The anticipated funds from the IPO are earmarked for advancing the development of Anteris's DurAVR® transcatheter heart valve (THV) technology. This includes preparations for a critical trial to evaluate the THV's effectiveness in treating severe aortic stenosis, as per US FDA guidelines.
The company needs to secure approval from its shareholders, option holders, and obtain necessary regulatory and court endorsements. The board of Anteris believes that this relocation to the US will offer better access to capital and investor interest, particularly for its upcoming DurAVR® THV study. The US market is seen as having a broader and more engaged audience for medical and biotech innovations compared to Australia, providing advantages such as enhanced visibility, more comprehensive analyst coverage, and improved liquidity for its shares and CDIs.
Management at Anteris is optimistic that this move will facilitate more interactions with US-based companies and potentially open doors to significant business opportunities, including licensing deals, distribution arrangements, or joint ventures. Additionally, aligning the company’s operations with its US-focused business and workforce is expected to streamline its corporate structure.
The market response has been favorable, with ASX shares rising up to 6.32% intraday, reaching A$15.15.
