Australia's Polynovo falls on discounted placement

Polynovo

23/11/2022 02:34

** Shares of Polynovo Ltd  PNV.AX  drop up to 9.1% to
A$1.90, their worst session since Aug. 29, if losses hold
    ** Medical device maker says it completed an institutional
placement of 15.8 mln shares to raise A$30 mln ($19.93 mln)
    ** Placement price of A$1.90/share is at a 9% discount to
the stock's last close
    ** Co says proceeds will be used to fund the construction of
a new facility in Port Melbourne to satisfy growing demand for
its product NovoSorb
    ** Will also use the proceeds to accelerate growth in the
U.S. and the newer markets of Canada, India, and Hong Kong
    ** Stock hits its lowest since Oct. 27, on track for its
fourth straight session of losses
    ** About 2.1 mln shares change hands, compared with the
30-day average volume of 2.1 mln
    ** Stock up 37.1% this year as of last close
($1 = 1.5056 Australian dollars)
 (Reporting by Savyata Mishra in Bengaluru)
 ((Savyata.mishra@thomsonreuters.com))