Anteris Technologies Launches $230M Equity Offering Plus $84M Medtronic Private Placement

Anteris Technologies’ Capital Raise

Anteris Technologies Global Corp., a development-stage medical device company focused on structural heart disease, has filed a prospectus supplement announcing a significant capital raise. The company is offering approximately 34.8 million shares of its common stock at $5.75 per share, targeting gross proceeds of around $200 million. Concurrently, Anteris has agreed to a private placement of 15.7 million shares to Covidien Group S.à r.l., a wholly owned subsidiary of Medtronic plc, at the same price, expected to raise an additional $84 million.

The combined net proceeds, estimated at roughly $270 million after underwriting discounts and expenses, are earmarked to fund the next phase of clinical development, particularly the ongoing PARADIGM pivotal trial of its lead product, the DurAVR Transcatheter Heart Valve (THV) System. The funds will also support manufacturing scale-up and research and development activities, including investments in v2vmedtech, a company developing minimally invasive heart valve repair devices.

DurAVR THV System and Clinical Progress

The DurAVR THV System is a novel, balloon-expandable biomimetic valve designed to treat aortic stenosis, a serious and often fatal narrowing of the aortic valve. Unlike traditional three-piece valves, DurAVR uses a single-piece valve made from Anteris’ patented ADAPT anti-calcification tissue technology, which has demonstrated calcium-free performance for up to 10 years in clinical settings. This design aims to replicate the natural blood flow of a healthy aortic valve and improve durability, addressing a growing patient population diagnosed at younger ages.

As of December 2025, over 130 patients worldwide have received the DurAVR implant. The PARADIGM Trial, a randomized, controlled, multicenter international study comparing DurAVR to commercially available valves, has commenced in Europe following regulatory approval in Denmark and received Investigational Device Exemption (IDE) approval from the U.S. FDA in November 2025. The trial’s primary endpoint focuses on a composite of mortality, stroke, and cardiovascular hospitalizations at one year post-procedure.

Financial Position and Market Opportunity

Anteris remains a development-stage company with recurring net losses and limited revenue, reflecting its focus on product development and clinical validation. The company reported preliminary unaudited cash and cash equivalents of approximately $12.6 million as of December 31, 2025. The recent capital raise is critical to sustaining operations and advancing commercialization efforts.

The transcatheter aortic valve replacement (TAVR) market, in which Anteris competes, is expanding rapidly. Market research projects the global opportunity for TAVR procedures related to severe aortic stenosis and valve-in-valve interventions to reach nearly $12.4 billion by 2028. Despite this growth, only 15-20% of severe aortic stenosis cases currently receive treatment, highlighting significant unmet clinical needs.

Risks and Future Outlook

Investors should note substantial risks, including Anteris’ going concern status due to ongoing losses and the uncertainty of future funding. The company’s success depends on clinical trial outcomes, regulatory approvals, market adoption, and competitive dynamics. The offering will dilute existing shareholders, with an immediate dilution of $2.50 per share for new investors at the offering price.

Looking ahead, Anteris aims to complete enrollment in the PARADIGM Trial by late 2026 and expects to analyze primary endpoint data by the fourth quarter of 2027. The company also contemplates potential debt financing of up to $100 million to further support operations, though this is not contingent on the current offering.