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$15m Financing Completed

$15m Financing Completed

Tissue Therapies Limited, trading as Factor Therapeutics (Factor Therapeutics, ASX: TIS) today announces a capital raising of A$15 million by way of a two tranche placement to raise A$9.65 million (Placement) along with a fully underwritten 2 for 5 non-renounceable entitlement offer to raise A$5.3 million (Entitlement Offer).

The Company is delighted with the support from existing institutional shareholders and welcomes to its share register several new professional and sophisticated investors. Taylor Collison is the Lead Manager and Underwriter to the capital raising. The placement was over-subscribed.

This capital raising represents a key element of the Company’s turnaround strategy, which has involved the transition to a FDA-centric development plan on the back of leadership team renewal.

Executive Director, Dr. Christian Behrenbruch commented, “This financing marks a major milestone in the restructuring of the company and paves the way for a clinical development program that we believe will restore investor confidence in our company. We are appreciative of new and existing shareholders for the vote of confidence.”

Chair, Dr. Cherrell Hirst further commented, “The company has undergone a major corporate transformation, from human capital to clinical and regulatory strategy. We look forward to demonstrating to shareholders the significant commercial potential of our technology and its commensurate impact on human health.”

ASX Announcement here.