The company sold 20 million new shares at $0.40 per share. It plans to use the funds to ramp up marketing efforts for its Ortho-ATI product, a stem cell therapy, in Australia as well as finalize the development of CelGro, a collagen-based scaffold for tissue repair in reconstructive surgical applications.
Part of the funds will be used to maintain regulatory approvals for Ortho-ATI and Ortho-ACI in Australia, according to the report.
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