Sydney-based Uscom (ASX:UCM), a revenue stage, cardiovascular and pulmonary health technology company, has announced the completion of a Private Placement that raised in excess of $2.2m from the sale of over 11 million shares at a price of $0.20.
The oversubscribed offer was to accommodate strategic international investment and grow the corporate register, and was priced at a discount to the monthly volume weighted average market price of $0.224.
The company said the funds will be used to complete the Thor Laboratories acquisition, and prepare and file for updating of current registration and regulatory approvals in China, Europe and the USA, and launch the Uscom BP+, the Uscom BP+ Reporter, the Uscom SpiroSonic series of devices and the Uscom SpiroReporter.
"The funds will also be used to support Uscom’s transition to volume manufacturing to meet the anticipated demand for devices as new distributors are appointed," said the company.
According to Uscom CEO Associate Professor Rob Phillips, “This raising continues to optimise our revenue opportunities going forward, and is vital to ensure our continued commercial momentum, and meet the anticipated demand for our new devices. Managing growth in multiple jurisdictions with multiple products coming to market in a short time is challenging and this raising will allow us to prepare our products for market and manufacture devices for sale. This PP has also allowed us to introduce new Australian and international strategic partners to the register.”
Uscom manufactures and markets the USCOM 1A, the Uscom BP+, and Uscom SpiroSonic digital ultrasonic spirometry technologies, digital devices used to diagnose and treat cardiovascular and pulmonary diseases, including hypertension, heart failure, asthma, COPD and sleep disorders.