Medical treatment company Avita Medical will raise $29 million through the sale of private shares to global institutional investors, the company announced Tuesday.
Avita Medical is based in Melbourne, Australia but has its U.S. headquarters in Valencia.
The firm will use the new capital to support the domestic launch of its cell harvesting device, Recell, which is used to treat burns. Recell received approval from the Food and Drug Administration in September.
Avita expects to issue the new shares, valued at around 6 cents a share, by January. It will also allow eligible shareholders to purchase up to nearly $11,000 worth of its ordinary shares.
Shares of Avita (AVMXY) fell 3 cents, or around 2 percent, on Thursday to close at $1.19 on over-the-counter-markets.