Tetratherix shares trade 7% higher after $25m IPO
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The news: Regenerative medicine company Tetratherix traded 7% higher on its ASX debut after completing a $25 million equity raise.
The numbers: Tetratherix shares had risen 6.9% to $3.08 at 11:30am AEST, having floated on the exchange at 11:00am.
Tetratherix raised $25 million through its initial public offering. It issued almost 8.7 million shares at $2.88 per share.
This means Tetratherix had a market capitalisation of $145 million at listing and an enterprise value of approximately $113 million, when including around $6 million cash at bank at time of prospectus.
The context: The capital raised will help accelerate the commercialisation of Tetratherix’s polymer platform, which aims to enhance bone repair.
It plans to roll out its first two bone regeneration products in the United States in 2026. The company is aiming to get US Food and Drugs Administration clearance for three additional products over the next four years.
The company was co-founded by chief technology officer Dr Ali Fathi and chief operating officer Terrence Adams in 2015.
The injectable tissue scaffold technology was co-invented by Dr Fathi while completing his PhD at the University of Sydney.
What they said: “ASX listing has always been on our journey as a business, our near term growth trajectory and commercial momentum make this the right time,” Tetratherix chief executive Will Knox said in a statement to the exchange.
