GCIBelluscura reports strong interest in £2.4m placing amid record sales and upcoming DISCOV-R launch
As an encouraging sign of things to come, () - a next generation developer of portable oxygen concentrators (POCs) - said this morning that it had "received significant interest" in its proposed £2.4m (or c. $3m) placing of 5-year convertible 7% loan notes (CLN). Final terms are set to be agreed "shortly".
Indeed, as further evidence of this positive investor support, has separately been approached by a High Net Worth individual who has subscribed for 2m new ordinary shares at 15p (gross £300k), representing a 7.7% discount to Friday's close of 16.25p.
As a reminder, sales of 's X-PLOR POC came in at $820k for the 3 months ending May'24, with the monthly run-rate doubling over the quarter. In fact, May generated record turnover of $450k, including $200k from China.
Elsewhere, the launch of its new groundbreaking DISCOV-R device is on track for later this month, with demand similarly anticipated to be "strong". In particular, China is the world’s largest COPD market with almost 100m sufferers, where local manufacturing partner Innomax will pay a minimum royalty and a % of the profits.
The last piece of the jigsaw is funding. FY'23 audited results are scheduled to be published by 28th June.
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