AirXpanders Secures $15 Million in Financing to Strengthen Balance Sheet and Advance AeroForm Tissue Expander
VCBeat(WeChat:vcbeat)It is reported that,September 11,Breast Tissue Expander ProductionCompanyAirXpanders (ASX: AXP) Announces Completion of Approximately $15 Million Financing, Including Approximately $11.2 Million (A$15.7 Million) in Share Placement and Approximately $3.4 Million (A$4.6 Million) in U.S. Private Investment
In this financing round, through a rights issue, Australia and New ZealandCHESS Depositary InterestsofThe holder may, for eachSixteen CDI subscribers purchased 15 new CDS units, and all unsubscribed rights were issued to Canaccord Genuity Corp. Meanwhile, AirXpanders disclosed that, in the course of its private placement financing, it received approximately $3.3 million from Vivo Ventures and an additional amount from its Chairman of the Board..50,000USD. The company aims to improve its financial position through this round of financing.
To date, AirXpanders has completed 15 financing rounds, raising a total of $143.9 million. Last August, it secured $15 million in debt financing from Oxford Finance, which drove up its stock price.
For this financing round,Chief Executive OfficerFrank Grillo stated, “We are delighted to receive such strong support and recognition from retail shareholders and institutional investors in this placement and fundraising. We are confident in the company’s prospects. The A$20.3 million raised will strengthen our financial position and enable us to achieve our expected growth in the coming year.”
AirXpanders has garnered investor favor, largely due to its competitive product portfolio. The AeroForm tissue expander, developed by AirXpanders, facilitates breast reconstruction following mastectomy. Prior to the implantation of a permanent breast prosthesis, the device is used three times daily with small amounts of CO2 to expand the skin and stretch the underlying muscle.
AirXpanders, founded in 2006 and headquartered in Mountain View, California, USA, is currently listed on the Australian Securities Exchange (ASX) under the ticker symbol AXP. The company has developed the AeroForm tissue expander. The AeroForm tissue expander is a patient-controlled breast tissue expander used for reconstructive surgeries, such as breast reconstruction following mastectomy.
Patients who have undergone reconstructive surgery, particularly breast reconstruction, have a need for tissue expansion, but this need has historically gone unmet. The AeroForm tissue expander, developed by AirXpanders, addresses this gap. Previously, post-surgical patients had no option but to undergo weekly saline injections into implanted expanders to maintain the volume of skin and tissue required for the eventual placement of permanent breast implants.
Vivo CapitalFounded in 1996, it is an investment firm focused on the life sciences and healthcare sectors.Vivo Capital is committed to investing in and establishing high-potential, outstanding companies in both the Chinese and U.S. markets. Vivo CapitalManaging a fund of over $1.8 billion, it invests in promising late-stage development products in the United States and in growth-stage life sciences and healthcare companies in China, leveraging its unique and diversified investment strategy.WuXi Capital has offices in Palo Alto, California, as well as in Beijing and Shanghai, China. WuXi CapitalMore than 100 companies have invested in the life sciences sector., including private and publicly listed biopharmaceutical, specialty pharmaceutical, and medical device companies.