ASX medtech CardieX accelerates go-to-market strategy following strong Options take up
Health & Biotech
Health & Biotech
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Australian cardiovascular medtech company CardieX (ASX:CDX) has raised over $7.6 million from the exercise of more than 153 million listed CDXO options and unlisted options at 5c, representing a conversion of 92.8%. Funds will be directed towards new product development and the company’s wearable commercialisation strategy.
Strong shareholder take up included directors exercising all of their options available for conversion within compliance, with C2V Ventures, an entity controlled by CEO Craig Cooper and chairman Niall Cairns.
Their exercising of more than 2.4 million listed CDXO options and 37.5 million unlisted options at 5c totaling ~$2 million further contributes to the working and development capital of the company.
The exercise of options shows strong support from existing shareholders and comes at an important time for CardieX, which is focused on fueling growth and new product development across its medical and consumer device divisions.
Earlier this year CardieX subsidiary, ATCOR Medical, Inc split into two distinct companies – ATCOR and CONNEQT.
ATCOR has continued to focus on vital signs monitoring devices for hospital, research & pharma, and specialist clinician markets, including leasing ATCOR devices and conducting clinical trials with Pharma giants, including Bayer AG.
CONNEQT is developing home health monitors, wearables, and consumer health apps and is focused on obtaining FDA clearance for multiple new devices and digital solutions in 2022.
CONNEQT’s “Pulse” device, a dual blood pressure monitor, is poised to be the world’s-first consumer vital signs monitor to include central blood pressure and the company’s patented SphygmoCor ® technology.
The ability to provide medically reliable data and information, backed by FDA clearance, will be a key differentiating feature for the CONNEQT brand and its products.
One of the most exciting products under development is the CONNEQT Band, a hybrid medical/consumer wearable device that will include a full suite of patented health parameters, including proprietary sensor technology, as well as a comprehensive ecosystem of health and wellness features focused on heart and vascular health.
The CONNEQT Band is currently under development via a manufacturing partnership with Fenda Technology, and a development partnership with LifeQ, and is expected to launch following FDA clearance.
In addition, Mobvoi recently announced the imminent drop of a smartwatch with heart health features “Powered by ATCOR”, upping the heart monitoring game in Mobvoi’s suite of watches. The success of that watch may foreshadow the global rollout of similar ATCOR features across Mobvoi’s watch ecosystem.
This article was developed in collaboration with CardieX, a Stockhead advertiser at the time of publishing.
This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.