4DMedical raises $83m for EU expansion after receiving regulatory approval
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The news: Medtech business 4DMedical’s flagship lung imaging technology CT:VQ has received certification for commercial use in the European Union.
The company also announced that it has completed an $83 million private placement to fund the expansion of CT:VQ into the EU market.
The numbers: 4DMedical said the EU represents a “significant commercial opportunity”, with a population exceeding 450 million and a highly developed hospital-based imaging infrastructure.
The private placement of $5.90 per share marked a 6.1% discount to the last close and a 12.3% premium to the five-day volume-weighted average price. The company said proceeds will support clinical integration for new customers and strengthen its balance sheet to pursue strategic growth opportunities, including potential acquisitions.
The context: 4DMedical’s shares surged 35% on Wednesday after the Melbourne-based company announced a partnership with US-based Mayo Clinic — the sixth American academic medical centre to adopt the four-dimensional lung imaging software since it received approval by the US Food and Drug Administration last year.
What they said: “CE Mark certification for CT:VQ is a significant milestone that opens access to one of the world’s largest and most sophisticated healthcare markets,” said 4DMedical CEO and founder Andreas Fouras.
“This placement, timed alongside CE Mark certification, gives us the resources to carry that same momentum into Europe.”
The source: ASX
