Brisbane-based ImpediMed (ASX:IPD) has secured an agreement for a five-year US$15 million growth capital facility with SWK Funding LLC, a specialist finance company with a specific global healthcare sector focus.
ImpediMed said the funds raised from the facility provide ImpediMed with funding flexibility and will be used to support growth and commercialisation activities as it executes on the opportunity and its path to profitability.
ImpediMed is a medical technology company founded in Brisbane with US and European operations. It produces the SOZO Digital Health Platform, which is FDA-cleared, CE-marked, and ARTG-listed for multiple indications, including lymphoedema, heart failure, and protein-calorie malnutrition.
Dr Parmjot Bains, the managing director of ImpediMed, said, "We are pleased with our agreement with US based SWK Holdings and the confidence they have shown in ImpediMed, as well as in the future of our SOZO digital health platform.
"SWK’s proven approach of supporting innovative healthcare companies makes them an ideal partner for us as we pursue our commercial growth strategy over the next five years.
"We are confident with the business direction and this was reinforced throughout our due diligence process. In conjunction with our existing cash reserves, this facility gives us the time and funding flexibility required to execute on our business plan and fully capitalise on the BCRL opportunity."
JD Tamas, the director of underwriting at SWK Holdings, added, “We believe that the SOZO Digital Health Platform is revolutionising how clinicians assess and manage fluid and body composition, ultimately improving patient outcomes. We are excited to provide this capital to support ImpediMed’s continued mission to improve the lives of patients by pushing the boundaries of what’s possible in fluid and tissue analysis.”