Orthocell (ASX:OCC) raised AU$17 million via the placing of 28,333,333 shares at AU$0.60 apiece to launch collagen nerve wrap Remplir in the US and to drive further growth.

The issue price represented a 12% discount to the 10-day volume weighted average price, according to a Friday filing with the Australian bourse.

Shares under the placement will be allotted on Oct. 31, the filing said.

Orthocell said it remains on schedule to release top-line results from its Remplir US market authorization study and submit its US market authorization application in the fourth quarter, the filing added.