Regenerative medicine developer Elanix Biotechnologies said today it has raised $9.1 million (EU €7.8 million) with the opportunity to raise an additional $2.6 million (EU €2.1 million) through a private placement.
The Germany-based company said that funds in the round are slated to support expanding its product portfolio, distribution and sales network and an e-commerce campaign for the company’s advanced care products.
Elanix said that it raised funds through an offering to current shareholders, with each shareholder offered a single new share for $3.23 (EU €2.75) for every ten shares they already own in the company.
The company said it will offer an additional private placement of up to 777,910 shares not purchased through the pre-emptive rights offering at the same rate, which could bring in an additional $2.6 million (EU €2.1 million).
“Some milestones have already been achieved in the first half of 2018, including the passing of agreements with distribution partners and key accounts in Germany, France, Switzerland and Russia, the strengthening of the management team with an experienced COO & CFO and a business head for advanced skin care, and the development of a new e-commerce website. The market launch of Skinrepair will take place during Q4 2018,” CEO Tomas Svoboda said in a press release.