Intellectual property company Tekcapital PLC (LON:TEK) said its subsidiary, Belluscura Ltd, has successfully concluded a private placement to raise US$1.5mln.
Belluscura was established to provide premium proprietary medical devices at affordable prices, to address part of the global unmet need for inexpensive, superior medical devices.
Funds from the share issue will be spent on a number of things:
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;
working capital purposes.
Tekcapital invested US$500,000 in the private placement and now owns 74.44% of Belluscura.
“We believe that Belluscura has significant potential with its capable and experienced management team, compelling products and its business model of providing premium, proprietary medical devices at affordable prices through the acquisition of non-core assets from leading medical device companies," said Dr Clifford Gross, executive chairman of Tekcapital.