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Report: Orthocell halts ASX trading in advance of $7m equity round

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Orthocell

Orthocell (ASX:OCC) halted trading of its stocks on the Australian Securities Exchange yesterday, according to a Kalkine Media report.

The trading stop came on the heels of a new equity raise for the company, which was launched through stockbroker Bell Potter Securities, according to a separate report on The Australian Financial Review.

The Australian company is looking to raise approximately $6.9 million (AU $10 million) through floating 25 million shares at 28¢ each (AU 40¢), according to the report.

Funds will help support commercialization of the company’s CelGro product into Europe, the U.S. and Australia and to accelerate regulatory approvals, according to the Financial Review.

Orthocell shares are set to return to trading on Thursday or following the release of the company’s announcement related to the offering, according to Kalkine.

In November 2017, Orthocell said that its CelGro collagen medical device won CE Mark approval for a range of dental bone and soft tissue regeneration procedures.

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