Respiratory imaging technology company 4DMedical Limited has completed a share placement worth $20 million to accelerate the commercialisation of its four-dimensional respiratory imaging platform.
The placement will result in the issuance of approximately 22 million shares at A$0.91 per share (Placement Shares), in accordance with ASX Listing Rule 7.1. and 7.1A, the company said in an ASX announcement.
4DMedical Founder and CEO Andreas Fouras said with the amount raised from the placement and share purchase plan (SPP), the company will be able to intensify its commercialisation efforts and build on its recent momentum.
Additionally, the CEO said it will give 4DMedical balance sheet flexibility for potential future expansion possibilities as its revenue profile develops.
“The SPP is particularly important to us to ensure our loyal shareholders are given the opportunity to participate in this capital raising,” Fouras said.
He added, “We are incredibly grateful to our shareholders for their continued support, and the 4D team is working tirelessly to deliver on our strategy to repay that faith.”
To date, 4DMedical’s first hospital-based Software as a Service (SaaS) contract with the University of Miami establishes a framework for further contracts with US hospitals.
The first commercial scan with Veterans Affairs demonstrates the immediacy of the very substantial opportunity with the VA, the company revealed.
Most recently, the initiation of a pilot within the US Department of Defence presents a further exciting pipeline of growth, according to Fouras.
For every two new shares issued under the placement and SPP, one unlisted free attaching option will be issued, with an exercise price of A$1.365 and an expiration period of 31 December 2024.
For the purposes of ASX Listing Rule 7.1, the options will be issued subject to shareholder approval.
A prospectus will be distributed to eligible stockholders with additional information about the SPP, including the scale-back policy.
