ImpediMed raises $75m

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ImpediMed (ASX:IPD) has raised US$75 million from sophisticated and professional investors through a share placement.

The company said funds raised will be primarily used to:

  • expand sales and marketing activities for L-Dex;
  • allow for balance sheet flexibility and working capital expansion to drive additional L-Dex growth in both the US and other international markets;
  • pursue the Chronic Heart Failure (CHF) business, including by 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; and,
  • provide for balance sheet strength.

In addition to the placement, the company is offering shareholders with registered addresses in Australia and New Zealand the opportunity to subscribe for up to approximately A$15,000 in New Shares under a Share Purchase Plan (SPP).

The issue price under the SPP is A$0.95 per New Share, which is the same price as under the Placement. The amount to be raised under the SPP will be capped at A$7.5 million. The proceeds of the SPP will be used by the Company for the same purposes as the Placement.

According to Richard Carreon, ImpediMed’s CEO and Managing Director, “This is an exciting time for ImpediMed. With our US national launch of L-Dex successfully underway and our compelling opportunity in Chronic Heart Failure rapidly evolving, we are delighted to have received such strong support and endorsement for this capital raising from existing and new institutional and sophisticated shareholders. This raising provides us with significant balance sheet strength to drive our business.”