Vitrafy Life Sciences raises $30M for US expansion

Vitrafy Life Sciences (ASX:VFY) secured $30 million through a non-underwritten institutional placement to accelerate its international expansion.

The oversubscribed capital raise received firm commitments from both new and existing investors following the company’s recent operational progress within the lucrative United States blood market.

Under the placement, the medical technology firm will issue approximately 11,538,462 new fully paid ordinary shares at an offer price of $2.60 per share.

The issue price represents a 31.6% discount to Vitrafy’s last closing price of $3.80 on June 9 and an 8.8% discount to the 15-day volume-weighted average price of $2.851.

To maintain retail investor inclusion, Vitrafy will also launch a share purchase plan aiming to raise up to an additional $2 million at the same $2.60 purchase price for eligible shareholders across Australia and New Zealand.

Management intends to deploy the fresh capital to fund the manufacturing of its proprietary Guardion devices to satisfy burgeoning market demand.

Additionally, a portion of the proceeds will be directed towards accelerating sales, marketing, and operational activities within the US.

Managing Director and CEO Brent Owens noted that the funding provides critical validation and scale, enabling the company to confidently progress towards upcoming commercialisation milestones and key medical device registration objectives abroad.