Australia's Orthocell falls most in more than 1-1/2 years on discounted placement

Orthocell

25/10/2024 04:11

** Shares of Orthocell  OCC.AX  fall as much as 10.1% to
A$0.620, posting their biggest intraday pct loss since March 16,
2023
    ** Biotech firm says it will raise A$17 mln ($11.28 mln) via
placement of 28.3 mln shares
    ** Issue price of A$0.60 per share is at a 13% discount to
stock's last close
    ** Co says funds will be used to launch its nerve repair
medical device Remplir in the United States
    ** Stock hits lowest level since Oct. 14
    ** About 1.2 mln shares change hands, 1.5x the 30-day avg
    ** Stock up 62.3% YTD, as of 0308 GMT

($1 = 1.5076 Australian dollars)

 (Reporting by Kumar Tanishk in Bengaluru)
 ((Tanishk.Kumar@thomsonreuters.com;))