Australian medical technology company 4Dx has raised $15 million in a heavily oversubscribed pre-IPO.
The company said the funds raised via the unsecured converting note issue will be used to drive its go-to-market strategy by adding to the US sales and distribution capability and augmenting the Software-as-a-Service (Saas) sales platform, as well as continued product research and development.
“The scale of the demand is encouraging as we head toward an initial public offering,” said Chairman and CEO Andreas Fouras. “This shows the market is starting to recognise the significant opportunity presented by our unique four-dimensional lung imaging technology and our well-defined commercial strategy.”
4Dx, which has three respiratory diagnostic software products currently in development with the first product before the US FDA, expects to launch an initial public offering within the next 12 months.
The capital raising follows the recent release of positive results from a clinical trial of its patented four-dimensional lung imaging technology.
The confirmatory clinical trial showed that the XV Technology gave clinicians much more detailed information than the commonly used pulmonary function test (PFT) and computed tomography (CT) imaging methods.
"This aligns peer-reviewed preclinical evidence that the unique and non-invasive XV Technology enables unprecedented insight into pulmonary function, which is critical in the analysis and treatment of respiratory diseases such as COPD, asthma and cystic fibrosis," said the company.