AirXpanders Inc (ASX:AXP) has raised $20 million, under a private placement of CHESS Depositary Interests to sophisticated and professional investors.
The company says that its CDI placement was significantly oversubscribed, and that the funds will be used to market growth of its Aeroform technology in Australia.
Aeroform is a tissue expander used in patients undergoing breast reconstruction, following a mastectomy.
The company also says the funds will be used to transfer its manufacturing to Costa Rica, as well as sales and marketing – to prepare for the US launch of Aeroform (subject to FDA approval).
AirXpanders reported a net loss of $11.2 million at 31 December 2015.