Australian Medtech CardieX has completed a $4.5million placement, continuing the company’s progress in positioning itself for a potential dual listing on a US exchange.
Led by C2 Ventures, the investment vehicle of CardieX (ASX:CDX) CEO Craig Cooper and Chairman Niall Cairns, the CardieX placement was strongly supported by a mix of other Australia-based institutions, family offices and both new, and existing, sophisticated investors.
Executive Director Jarrod White also participated in the placement rounding out the strong support from the Company’s executives.
The placement included a one-for-two free-attaching unlisted option exercisable at $0.50 expiring 12 months from the date of issue. MST Financial Services was the Lead Manager to the placement.
“I would like to thank all new and existing shareholders who have joined us in this funding round,” CardieX Group CEO, Craig Cooper said.
“This is a pivotal year for our Company with new product launches, planned FDA clearance on our new Pulse device, and continued product development across our portfolio, in addition to our ongoing corporate activities.
“We are committed to continuing our current momentum with our go-to-market strategy, and are continuing to expand the people and resources that will help deliver our success, which this capital raising assists us in ensuring.”
The funds will be used primarily to accelerate new product initiatives related to the Company’s CONNEQT subsidiary, with emphasis on the CONNEQT Pulse, as it expands its clinical trial and remote patient monitoring business units.
The Pulse is currently awaiting FDA clearance, which is expected in the coming months.
Subject to FDA clearance, the Pulse will be the world’s first cloud-connected, customisable, multi-use arterial biometric monitor to include CardieX subsidiary ATCOR’s SphygmoCor central aortic blood pressure technology.
Strength in Partnerships
It’s been a big three months for CardieX, most significantly with its ATCOR subsidiary executing the largest clinical trial agreement in the Company’s history, anticipated to provide total life of contract revenue in the order of twice the entire business’s FY22 revenue.
The new Clinical Trial Services Agreement with Clinichain BV for the provision of ATCOR’s XCEL devices and data management services is scheduled for multiple sites around the world and will last for approximately 30 months.
In addition, ATCOR recently announced a strategic partnership with Power, a fast growing patient recruitment marketplace democratising access to clinical trials for all patients.
The company has also partnered with Invaryant, a data-driven health technology company that empowers individuals with precision AI to improve quality, equity and safety, and provides comprehensive, integrated, high quality data to accelerate research and innovation.
And on top of all that, CardieX has also acquired fellow health tech company Blumio, a Silicon Valley based developer of advanced algorithms and technology for cardiovascular sensors, signifying the company’s continued investment in cardiovascular health monitoring technologies.
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.