BELL.L

Belluscura Plc
Belluscura PLC - New $4million Credit Facility
22nd November 2024, 07:00
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RNS Number : 2363N
Belluscura PLC
22 November 2024
 

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION AS STIPULATED UNDER THE UK VERSION OF THE MARKET ABUSE REGULATION NO 596/2014 WHICH IS PART OF ENGLISH LAW BY VIRTUE OF THE EUROPEAN (WITHDRAWAL) ACT 2018, AS AMENDED.  ON PUBLICATION OF THIS ANNOUNCEMENT VIA A REGULATORY INFORMATION SERVICE, THIS INFORMATION IS CONSIDERED TO BE IN THE PUBLIC DOMAIN.

 

​22 November 2024

 

BELLUSCURA PLC

("Belluscura" or the "Company" or "Group")

 

Belluscura wholly owned subsidiary enters into

$4 Million Credit Facility with SallyPort Commercial Finance

 

Belluscura plc (AIM: BELL), a leading medical device developer focused on lightweight and portable oxygen enrichment technology, announces that its wholly owned subsidiary, Belluscura LLC, has entered into a credit facility of up to four million dollar ($4 million) with Sallyport Commercial Finance ("Sallyport") of Houston, Texas. The facility is for 3 years and covers accounts receivable, purchase order, inventory and cash flow financing.

 

The new credit facility with Sallyport is a cornerstone of the Group's foundation for building out the manufacturing, distribution and sales of the Company. This, combined with granting reimbursement of the purchase cost for Medicare patients announced on 28 October, means that the Company will now undertake a formal launch of the DISCOV-R® portable oxygen concentrator ("DISCOV-R"). The DISCOV-R is currently expected to be in full production in early 2025. Following the successful soft launch earlier this year the DISCOV-R is currently available only through direct-to-consumer sales channels.

 

Sallyport is a wholly owned subsidiary of Northrim Bancorp, a $3 billion bank headquartered in the state of Alaska.  With offices in the US, Canada and the UK, Sallyport is ideally positioned to provide financing options to companies like Belluscura LLC that operate in the US with a parent company located in the UK

 

Commenting, Bob Rauker, Chief Executive said: "Since releasing the DISCOV-R earlier this year in a limited direct-to-consumer launch, we have seen increasing month-on-month demand for the product.  This new facility secured from Sallyport provides the Company a platform to initiate a limited launch of the DISCOV-R into the important B2B market."   

 

 

 

-Ends-

 

 

For further information please contact:

 

Belluscura plc

Tel: +44 (0)20 3128 8100

Adam Reynolds, Chairman

Robert Rauker, CEO

Simon Neicheril, Chief Financial Officer

 

 

SPARK Advisory Partners Limited

Nominated Adviser

Tel: +44 (0)20 3368 3550

Neil Baldwin / Jade Bayat

 

 

 

Dowgate Capital Limited

Broker

Tel: +44 (0)20 3903 7715

Russell Cook / Nicholas Chambers

 

 

 

MHP

Financial PR & Investor Relations

Tel: +44 (0)20 3128 8100

email: Belluscura@mhpgroup.com

Katie Hunt/Matthew Taylor

 

 

About Belluscura plc (https://belluscura.com/)

Belluscura is a UK medical device company focused on developing oxygen enrichment technology spanning broad industries and therapies. Our innovative oxygen technologies are designed with a global purpose: to create improved health and economic outcomes for the patients, healthcare providers and insurance organisations.

 

 

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