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%
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