Respiri Ltd (ASX:RSH) has successfully completed a $3 million capital raising via a private placement to sophisticated and professional investors at 8 cents per share.
The raising provides Respiri with the financial capacity to progress to the launch AirSonea Gen II, which is scheduled for early 2019.
READ: Respiri improves cash flow as it prepares for rollout of second-generation AirSonea
AirSonea device connects to a smartphone app to detect and measure wheeze.
The app incorporates asthma management diary features along with medication usage and reminders to help asthma sufferers adhere to their treatment plans.
Working prototype ahead of expectations
The initial functioning prototype of the AirSonea Gen II for technology demonstration purpose is on track to be launched prior to the end of Q2/2018.
This milestone is progressing ahead of plan and is expected by the end of May 2018.
There is a clear runway to progress from prototype to commercial launch and the capital raising allows Respiri to achieve this.
The AirSonea Gen II will initially be targeted at Europe, Australia and the US jurisdictions.
Respiri to benefit from experienced management
Respiri entered 2018 with a strong leadership team having appointed former global Pfizer Inc. (NYSE:PFE) executive Mario Gattino as chief executive officer in December.
He brings over 25 years’ experience in senior leadership positions within the medical industry, having successfully commercialised drugs and medical devices globally.