Orthocell (ASX:OCC) raised AU$17 million via the placement of 28.3 million shares priced at AU$0.60 apiece, according to a Thursday filing with the Australian Securities Exchange.

Proceeds will be used to fund the US launch of Remplir nerve repair medical device and drive global commercialization for Remplir and Striate+ bone repair medical devices, the filing said.

Company chair John Van Der Wielen subscribed for AU$100,000 in the placement, pending shareholder approval, according to the filing.

Canaccord Genuity (Australia) was the lead manager for the placement.

Orthocell shares rose nearly 2% in afternoon trade Friday.

Price (AUD): $0.65, Change: $-0.040, Percent Change: -5.84%