Nova Eye Medical (ASX:EYE) has completed a $6.6 million capital raising through a two-tranche placement to sophisticated and professional investors.
The company, which specialises in advanced ophthalmic treatments, received strong backing from shareholders for its strategic growth plans.
The placement involved major shareholder Australian Ethical Investments committing $1.1 million, with company directors, including Chairman Victor Previn, contributing $125,000, subject to shareholder approval.
The funds will be used to expand sales teams in the United States and Germany, as well as support product development and operational resilience.
Nova Eye Medical Managing Director, Tom Spurling, said, "The strong support for this capital raise highlights the market’s confidence in Nova Eye’s strategic direction and growth potential."
Global sales for Nova Eye Medical increased by 39% year-on-year, with US sales rising 48% for the year ended Dec. 31, 2024.
The funds will help meet growing demand for the company's iTrack Advance device, as the glaucoma division works towards profitability in the second half of FY25.
The placement was conducted at 12 cents per new share, representing a significant discount to recent trading prices.
Trading recommenced on Jan. 31, and the allocation of tranche one shares is set to begin in early February.
At the time of reporting, Nova Eye Medical’s share price was $0.14.