Tekcapital PLC’s (LON:TEK) portfolio firm Belluscura has raised £725,000 of additional funding and is on track to receive US regulatory clearance this year for its portable oxygen concentrator.
AIM-listed Tekcapital, which specialises in commercialising intellectual property and owns a 21.7% stake in Belluscura, said the company had raised the funds at 15p per share, which represented a 50% uplift to its value when it was first included in Tekcapital’s accounts for 2018.
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The firm added that clearance from the US Food and Drug Administration (FDA) for Belluscura’s X-PLOR concentrator was on track to be received later this year, followed by a commercial launch in the first half of 2020.
X-PLOR is designed to replace metal oxygen tanks and other heavier devices, increasing the mobility of patients suffering from chronic obstructive pulmonary disease (COPD) while also costing less than tanks over the duration of the illness. Globally, the portable oxygen concentrator market is expected to grow to US$2.4bn in 2024, up from US$1.4bn in 2018.
Dr Clifford Gross, chairman of Tekcapital, said the firm was “delighted” on Belluscura’s progress and that the X-PLOR device would help “improve the quality of life and reduce treatment cost for individuals suffering from COPD”.
In early trading on Wednesday, Tekcapital's shares surged 9.5% higher to 11.5p.