Aroa Biosurgery raises $50m to grow in US

Aroa's Brian Ward ringing the bell at the ASX. (Image: Supplied)

Thu, 29 Jul 2021

Aroa Biosurgery has raised A$47 million in a placement to institutional investors to fund more investment in US commercial operations and accelerate the development of its product pipeline.The placement was oversubscribed at A$1.165 per share, just 1.7% below Monday’s closing price of $1.18, and will leave Aroa with approximately NZ$65 million of cash on its balance sheet. Shares in the stock were trading at A$1.14 after midday today. Chief executive Brian Ward said he was encouraged by the endorsement of its strategy to focus on gro...

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