Anteris Technologies (ASX:AVR) signed binding subscription agreements for a AU$38.5 million placement through the issue of 5.1 million shares and CHESS depositary interests (CDIs), according to a Tuesday filing with the Australian bourse.

The placement involves an offer of 2.3 million new common shares at $4.90 apiece, to raise about $11.5 million, with each share including an attaching warrant to acquire a share at $7.50 apiece, expiring five years from the date of issue, the filing said.

The offer also includes 2.8 million new CDIs at a AU$7.50 apiece, to raise about AU$20.9 million, with each CDI including an attaching warrant to acquire a CDI at AU$11.50 apiece, expiring five years from the date of issue.

The proceeds will support growth and clinical strategy execution, including recruitment for the DurAVR transcatheter heart valve global pivotal trial, study execution, and manufacturing expansion, per the filing.

Shares fell 9% in afternoon trade Tuesday.