Respiri (ASX:RSH) raised AU$1.6 million via the placing of 35,555,555 ordinary shares at AU$0.045 apiece.

Proceeds will go towards accelerating revenue growth in the US and achieving profitability in the coming months, according to a Tuesday filing with the Australian bourse.

Shares under the placement will be allotted on Nov. 8 and will be placed into a six-month voluntary escrow.

Subscribers of the non-underwritten placement include Merchant Biotech Fund and Hamma Capital.

Shares of the medical technology firm surged 20% in recent trade.

Price (AUD): $0.07, Change: $+0.011, Percent Change: +19.64%