(MENAFN- ProactiveInvestors - Australia) Admedus (ASX:AHZ) directors have increased their respective investments in the company through participation in the fully subscribed $16.1 million 1 for 7 rights issue priced at $0.07 per share.
The rights issue is part of a broader $28.1 million capital raising that be used to increase sales of its lead regenerative tissue product CardioCel®.
Proceeds will also support continued development of the company's regenerative tissue portfolio and advance its immunotherapy programs with Professor Ian Frazer.
Managing director Lee Rodne acquired 714,286 shares for $50,000.02, taking his direct interest up to 26,992,820 shares.
Executive director Michael Bennett subscribed for 80,000 shares for $5,600 while non-executive director Peter Turvey acquired 396,504 shares for $27,755.28.
Turvey now has a direct and indirect interest in 3,172,039 AHZ shares while Bennett has 11,674,000 shares.
Earlier this week, the company appointed Genpharm as its distributor in the Middle East and North Africa region.
This adds to its presence with CardioCel used in 31 centres in Europe, 31 centres in the U.S. as well as recent approvals for use in Canada and Hong Kong.
Over 1,200 patients have benefited from CardioCel® as part of their cardiovascular repair surgery.
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