Avita Medical (ASX:AVH) said today that it hopes to raise $13.2 million to fund its efforts to bring its ReCell autologous cell harvesting device for treatment of burn injuries to the U.S.
The Australia-based company said it received commitments from investors for a $3.5 million private placement. Avita added that it plans to undertake a rights issue to existing shareholders, offering one new share for every 2.8 existing shares at 3¢ apiece.
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