Artrya Limited has successfully completed a strongly supported Share Purchase Plan, raising approximately A$5 million despite significant oversubscription. This follows a recent $75 million placement, underscoring investor confidence in its AI-driven coronary artery disease platform.
- Share Purchase Plan raised A$5 million via 2.44 million new shares
- SPP oversubscribed with applications totaling A$8.7 million
- Pro-rata scale back applied to manage excess demand
- SPP share price matched recent $2.05 placement price
- Funds to support commercial and regulatory activities for Salix AI platform
Strong Investor Backing for Artrya’s Capital Raise
Artrya Limited (ASX, AYA), an Australian medical technology company specialising in AI-powered solutions for coronary artery disease, has announced the completion of its Share Purchase Plan (SPP), raising approximately A$5 million. The SPP was significantly oversubscribed, with eligible applications totaling around A$8.7 million, reflecting robust shareholder enthusiasm for the company’s growth prospects.
The company had initially targeted raising A$5 million through the issuance of 2,438,872 new fully paid ordinary shares at $2.05 each; the same price as a recent $75 million placement announced earlier in September. To ensure fairness, Artrya implemented a pro-rata scale back on applications, returning excess funds to applicants.
Capital to Accelerate AI-Powered Cardiac Care Platform
Artrya’s proprietary Salix AI-powered cloud platform analyses coronary CT scans to identify key biomarkers of heart disease, aiming to improve the accuracy and efficiency of diagnosis and management. The fresh capital injection is expected to bolster the company’s ongoing regulatory and commercial activities across key international markets, positioning it to advance its mission of transforming cardiac care through innovative technology.
The strong demand for the SPP shares, following the substantial placement, signals growing investor confidence in Artrya’s technology and market strategy. The company encourages shareholders who participated in the SPP to update their direct credit details promptly to facilitate timely refunds of any scaled-back application money.
Looking Ahead
While the announcement does not detail specific allocation of the proceeds, the combined capital raise of approximately A$80 million provides a significant runway for Artrya’s next phase of growth. Market watchers will be keen to see how the company leverages this funding to expand its footprint and accelerate adoption of its AI platform in the competitive medical technology landscape.
Bottom Line?
Artrya’s oversubscribed SPP, following a major placement, underscores strong shareholder faith as it prepares to scale its AI-driven cardiac solutions.
Questions in the middle?
- How will Artrya specifically allocate the combined $80 million capital to commercial and regulatory efforts?
- What milestones should investors watch for to gauge progress in international market expansion?
- How might competitive dynamics in AI-powered cardiac diagnostics impact Artrya’s growth trajectory?