G Medical is coming to America in a dual-listing via the NASDAQ
Health & Biotech
Health & Biotech
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Mobile health device maker G Medical Innovations is to list on the NASDAQ exchange in the US.
G Medical (ASX:GMV) makes digital products that help monitor a person’s health.
Its ‘Prizma’ Medical Smartphone Case turns a smartphone into a clinical grade mobile medical monitor to measure vital signs such as ECG, respiration, oxygen saturation, heart rate, temperature and stress analysis.
G Medical (ASX:GMV) told investors on Tuesday morning it had appointed an underwriter to smooth the pathway towards a US public offering in four to five months.
In an emailed statement to Stockhead, a company spokesman said G Medical has a presence in the US and the NASDAQ is a favoured location for biotechs, so a move to the US exchange “suits the growth profile of the company”.
It is staying on the ASX.
In August, G Medical said it was considering a $260 million public offer in Hong Kong for its Chinese subsidiary, Guangzhou Yimei Innovative Medical Science and Technology Co. The spokesman said they have no update on this listing.
The locally listed stock rose 1.4 per cent to 35.5c.
G Medical has faced significant delays in getting its flagship Prizma phone case, which measures biometrics, made in China.
That has delayed $78 million worth of deals with distributors MEDTL and Shandong Boletong and a 4.05 million case deal with SilverLake.
It’s led to a tight cash situation for the company.
At the end of June, before the sale of the Chinese subsidiary, G Medical had just $3.2 million in the bank and a quarterly spending habit of $5 million.
President and CEO Yacov Geva provided a $3 million loan in May.
The company has also started distributing phone cases into Taiwan even though its partner there, First Channel, hasn’t fulfilled a key condition of the $405 million deal — finding Tier 1 buyers for the product.