Pacific Edge (ASX:PEB, NZE:PEB) secured NZ$25.4 million through an oversubscribed share placement priced at NZ$0.17 apiece, representing a 2.3% discount to the closing price on May 8, according to a Wednesday filing with the New Zealand bourse.

The placement received strong support from institutional and other existing investors, prompting directors to expand the offer size and accept oversubscriptions due to high demand, per the filing.

The company also intends to offer eligible existing shareholders a retail placement to raise up to an additional NZ$6 million at the same price, with the option to accept oversubscriptions at its discretion, the filing said.

The funds will be used to strengthen the company's operations and growth capacity, support Medicare re-coverage, and advance evidence generation, product development, and innovation, the filing added.