Quebec-based Ortho Regenerative Technologies closed a non-brokered private placement of units. The company issued 7.7 million units at a purchase price of $0.32 per unit for total gross proceeds of $2.47 million.
The net proceeds will fund ongoing value creation activities including:
- securing FDA approval to start U.S. clinical trials for the ORTHO-R rotator cuff repair
- manufacturing GMP clinical trial batch for ORTHO-R
- completing U.S. clinical trial investigation sites, setting and training
- starting U.S. clinical trial patient enrollment activities
- securing U.S. exchange listing for company shares
- ongoing general and administrative corporate operations
Claude LeDuc, Chief Executive Officer of Ortho Regenerative Technologies, said, "These are very exciting times for the Company as we get ready to proceed with the U.S. clinical portion of our Ortho-R development program. This financing enables us to complete key preparatory work initiatives and begin the U.S. clinical trial. We expect our progress to be reflected over the coming months with the delivery of anticipated catalysts and milestones."