Special Report: eHealth SaaS company Respiri has raised $3.14m in a heavily oversubscribed capital raising, taking its total funds raised to $5.2m  

Respiri (ASX:RSH) has closed an oversubscribed share purchase plan, raising $3.14m after heavy support from shareholders.

The company has now raised a total of $5.2m by way of a placement and share purchase plan.

Funds raised will be invested in strategic initiatives such as product and clinical development,  and the manufacturing, sales and marketing of the company’s proprietary wheezo respiratory eHealth software-as-a-service (SaaS) platform and medical device.

Respiri, which works in the currently highly popular respiratory health management field, had to scale back acceptances for the 5.5c offer.

The SPP offer provided eligible shareholders the opportunity to subscribe for up to 57,090,909 of new shares. The maximum to be raised was $3.14m and Respiri received significant oversubscriptions based on the original offer size of $1m.

“The company would like to express its deep appreciation to all eligible shareholders who participated in the share purchase plan and thanks shareholders for this vote of confidence and their continued support,” the company said today.

Speaking with Stockhead chief executive officer Marjan Mikel said “We are pleased that our SPP was over subscribed. It’s a true reflection of shareholder sentiment and support for the company’s new strategic direction, clear path to market and shows confidence in the new Respiri team to deliver on its goals”

It says Respiri is now well capitalised to implement its plans through to the launch of its new SaaS product wheezo later in the year.

The device and service is an asthma management care that extends beyond physician care in the clinic and empowers the patient. A full commercial launch of wheezo in Australia is anticipated before the end of 2020.

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This story was developed in collaboration with Respiri, a Stockhead advertiser at the time of publishing. This story does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.