4DMedical completes $150m institutional placement
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The news: Respiratory imaging technology company 4DMedical has announced a $150 million capital raise, with participation from multiple new institutional investors.
The numbers: The Melbourne-based medtech completed the institutional placement at $3.80 per share. The stock last traded at $4.29 before entering a trading halt on Tuesday.
The context: 4DMedical said the proceeds will be used primarily to accelerate the commercialisation of its flagship lung imaging technology CT:VQ in the US.
The company also said that CEO Andreas Fouras and chief financial officer Julian Sutton have exercised options early and increased their respective shareholdings in the business.
Fouras will now hold an 11.9% position, with Sutton holding 0.5% of shares on issue.
What they said: “We are pleased to welcome several high-quality global institutional investors to our share register and sincerely appreciate the strong ongoing support from existing shareholders,” Fouras said.
“This placement provides 4DMedical with the balance sheet strength to accelerate US commercialisation of CT:VQ at a time when unprecedented interest from clinicians is driving rapid adoption across leading academic medical centres.”
The source: ASX
