ImpediMed completes A$75 million Private Placement
CARLSBAD, Calif., March 22, 2016 /PRNewswire/ — ImpediMed Limited (ASX: IPD), a global provider of medical technology to measure, monitor and manage fluid status in patients, announced the completion of its recent capital raising activity, raising a total of A$75.1 million before costs.
A placement to sophisticated and institutional investors along with a Share Purchase Plan to existing investors raised approximately A$75.1 million at an issue price of A$0.95 per share.
Canaccord Genuity (Australia) Limited acted as sole lead manager and bookrunner for the Placement.
The funds raised will primarily be used by the company to:
- Expand sales and marketing activities for the L-Dex system to aid in the clinical assessment of unilateral lymphedema in cancer patients;
- Allow for balance sheet flexibility and working capital expansion to drive additional L-Dex growth in both the U.S. and international markets;
- Pursue the Chronic Heart Failure (CHF) business, including completing the 510(k) process and conducting and completing a clinical trial in CHF to position the company with clinical data in support of a future product launch in CHF; and
- Provide for balance sheet strength in the context of high levels of commercial and corporate inquiry being generated by the company
“We would like to thank our new and existing shareholders for their ongoing support of the company,” said Richard Carreon, ImpediMed’s CEO and Managing Director. “This capital raise further strengthens our balance sheet, and places the company in a strong position as we continue the commercial rollout of L-Dex in the United States, and advance our bioimpedance spectroscopy (BIS) technology applications and clinical trials for the chronic heart failure market.”
“We are pleased to continue our clinical relationship with an institution as prestigious as Mayo Clinic,” said Richard Carreon, Managing Director and CEO of ImpediMed. “The master clinical trial agreement expands our opportunity to scientifically explore applications for our BIS technology, and its potential impact on reducing healthcare costs and improving quality of care and outcomes.”
Founded and headquartered in Brisbane, Australia with U.S. offices in Carlsbad, Calif., and Bloomington, Minn., ImpediMed is the world leader in the development and distribution of medical devices employing bioimpedance spectroscopy (BIS) technologies for use in the noninvasive clinical assessment and monitoring of fluid status in patients. ImpediMed has the first medical device with FDA clearance in the U.S. to aid healthcare professionals to clinically assess secondary unilateral lymphedema of the arm and leg in women and the leg in men.
For additional information, visit www.impedimed.com.