TIDMTEK
RNS Number : 3359N
Tekcapital plc
25 October 2016
Dissemination of a Regulatory Announcement that contains inside
information according to REGULATION (EU) No 596/2014 (MAR)
Tekcapital plc
("Tekcapital")
Private Placement for Belluscura Ltd
Follow-on funding round raises US$675,000
Tekcapital plc (AIM: TEK), an international provider of
technology and intellectual property services, is pleased to
announce that Belluscura Ltd ("Belluscura") has concluded an
oversubscribed private placement to raise approximately US$675,000
("Private Placement").
The Company announced on 17 June 2016 that it planned to extend
its fundraising round and this Private Placement has been concluded
on similar terms, giving Belluscura a post-money valuation of
US$5,250,000. Tekcapital now owns approximately 65% of the share
capital of Belluscura.
In line with the previous fundraising (announced on 17 June
2016) the proceeds of the Private Placement are intended to be
applied as follows:
- regulatory, safety and quality expenses for medical products,
including CE Marking and certification for European sales;
- implementing product manufacturing and acquiring initial stock;
- acquisition of additional medical products; and
- working capital purposes.
Investors in the Private Placement include Nigel Wray and his
family and as they hold more than 10 per cent. of Tekcapital's and
Belluscura's ordinary shares, their participation of US$100,000 in
the Private Placement is deemed to be a related party transaction
pursuant to rule 13 of the AIM Rules for Companies. Accordingly,
the directors of Tekcapital consider, having consulted with the
Company's nominated adviser, Allenby Capital, that the terms of the
subscription with Nigel Wray are fair and reasonable insofar as
Tekcapital's shareholders are concerned.
Commenting on the private placement, Dr. Clifford M. Gross,
Executive Chairman of Tekcapital, said: "We are very pleased to
announce the second tranche of the private placement into
Belluscura. Belluscura's mission is to provide premium, proprietary
medical devices at affordable prices."
For further information, please contact:
Tekcapital Plc +1 305 200 3450
Clifford M. Gross info@tekcapital.com
Allenby Capital Limited (Nominated
Adviser & Joint Broker) +44 (0)20 3328 5656
Jeremy Porter / Alex Brearley
Optiva Securities Limited (Joint +44 (0) 20 3137
Broker) 1904
Jeremy King / Vishal Balasingham jeremy.king@optivasecurities.com
+44 (0) 20 7933
Walbrook PR Ltd 8780
Paul Cornelius / Paul McManus
/ Helen Cresswell tekcapital@walbrookpr.com
Tekcapital plc - The World's Largest University Network for Open
Innovation
Tekcapital helps clients profit from new, university-developed
intellectual properties. With our proprietary discovery search
engine, linked to 4,000+ universities in 160 countries, coupled
with expert scientific review, we provide a turn-key service to
make it easy for clients to find and acquire the IP, analytics and
technology transfer professionals they need to create a competitive
advantage. Tekcapital plc is listed on the AIM market of the London
Stock Exchange (AIM: symbol TEK) and is headquartered in Oxford, in
the UK. For more information, please visit www.tekcapital.com
Background to Belluscura
Belluscura (www.belluscura.com) was established in the UK in
December 2015 to provide premium proprietary medical devices at
affordable prices, to address part of the global unmet need for
inexpensive, superior medical devices. Belluscura will seek to
achieve this goal by acquiring, then manufacturing and selling,
proprietary medical devices deemed to be non-core or undervalued by
leading medical device companies on an on-going basis.
In line with this strategy, as previously announced by
Tekcapital on 13 April 2016 and 15 September 2016, Belluscura
acquired the exclusive licenses to manufacture and sell four
medical products from Stryker Corporation, a leading medical
technology company. The devices are:
1. Slyde(TM) , a lightweight stretcher designed for use in
emergency evacuations of multi-storey structures;
2. Passport(R) , a surgical trocar designed as a camera port for
use in laparoscopy (keyhole surgery);
3. SNAP II, a level of consciousness monitor for use during
surgical procedures requiring general anesthesia; and
4. Wire Caddy(TM) , an innovative wire management system that
provides lubrication and organization during multi-wire,
multi-exchange operating room cases such as cardiology
interventions, uterine fibroid embolizations and tibial
angioplasties.
These four devices are protected by a comprehensive intellectual
property portfolio of 19 issued and pending patents and industrial
designs. They have received US 510(k) regulatory clearance where
necessary and have already recorded commercial sales revenue for
Stryker. In addition, Passport has been awarded a CE Marking for
distribution in the EU.
Belluscura has begun manufacturing and selling the Slyde
products in the US and plans to subcontract the manufacturing of
the other products with the intention to sell them through external
sales channels at affordable prices globally with a focus on the
US, Europe, India and China.
In addition, Belluscura is evaluating a patented technology
relating to the non-invasive measurement of glucose in saliva for
the treatment of diabetes - Saliva Glucose Measurement Technology
("SGMT"). Tekcapital novated to Belluscura its worldwide exclusive
licenses to a patent and related patent application for SGMT for
companion animals (and humans). This technology is licensed from
and was developed by Arizona State University. Further details on
these licences were announced by Tekcapital on 2 April 2015 and 14
March 2016.
Belluscura plans to acquire additional developed medical
products which have already achieved regulatory clearance or
approval, or require limited additional regulatory clearance or
approval, and are deemed to be non-core by leading medical device
manufacturers. Furthermore, Belluscura will also endeavour to
identify and acquire undervalued proprietary technologies in the
medical space that require limited investment to reach
commercialisation.
Belluscura has an experienced executive management team,
independent of Tekcapital, with significant expertise in the
medical devices industry that covers a broad spectrum of
disciplines in business, law, medicine and technology.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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