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%
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.