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Tekcapital gets a boost as Belluscura raises over £500,000 in crowdfunding drive

The funds will be used to help complete regulatory clearance and launch Belluscura's portable oxygen concentrator X-PLOR later this year

X-PLOR
X-PLOR is aiming to serve as a lighter replacement to metal oxygen tanks and improve the mobility of people suffering from COPD

Tekcapital PLC’s (LON:TEK) shares surged on Wednesday morning after its portfolio company, Belluscura, raised £500,730 in a crowdfunding round.

The IP investment firm, which owns 25% of Belluscura, said it had been a minority participant in the crowdfunding, which initially had a target of £500,000.

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Dr Clifford Gross, chairman of Tekcapital, said the funds would be used by Belluscura to complete regulatory clearance and launch its portable oxygen concentrator X-PLOR later this year.

He added that the fundraising gave Belluscura a pre-market valuation of just over £5mln, a 50% increase on the valuation Tekcapital listed for the firm in its 2018 accounts.

X-PLOR can deliver almost pure oxygen to patients on a 24-hour basis and is aiming to serve as a lighter replacement to metal oxygen tanks and improve the mobility of people suffering from chronic obstructive pulmonary disease (COPD), a non-curable lung illness that affects over 250mln people worldwide.

“The directors believe that Belluscura's new device will help to improve the quality of life and reduce treatment cost for individuals suffering from COPD", Gross said.

Shares were up 16.7% at 14.3p.

Quick facts: Tekcapital PLC

Price: 6.4 GBX

LSE:TEK
Market: LSE
Market Cap: £4.08 m
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