14 million raise for CardieX consisted of a placement, shareholder entitlement offer, and a funding commitment agreement.
Placement was cornerstoned by Regal Funds Management.
C2 Ventures, the investment vehicle of the company’s CEO and chairman, committed a total of $7.5m.
Special Report: CardieX has ruled off on a $14 million funding round as it prepares to launch the world’s first customisable vascular biometric monitor.
The raise will be used to support new product development & sales, marketing and operations, and fund the medtech on a path towards profitability.
Following the completion of the raise, CardieX (ASX:CDX) is now set to recommence trading today.
The MST Financial-led placement was cornerstoned by Regal Funds Management and backed by family offices, high net worth individuals, and C2 Ventures (C2V), the investment vehicle of CardieX CEO Craig Cooper and chairman Niall Cairns. In total, C2V committed $7.5m to the capital raise.
Cooper said the company now had a strong financial foundation to execute against its vision and go-to-market strategy:
“The capital raise establishes a strong financial platform to capitalise on the opportunity we have to redefine cardiovascular diagnostics and the prevention of vascular disease – especially with the slate of products we have in the pipeline for launch and our current pre-launch sales traction,” he said.
CardieX develops and markets non-invasive patient monitoring technologies for assessing vascular health. The company’s suite of products includes medical and home health devices and digital solutions for hypertension, cardiovascular disease and other vascular health disorders all based on the company’s market leading SphygmoCor vascular biomarker technology.
The upcoming launch of the CONNEQT Pulse, which received FDA clearance in April 2023, provides a full suite of hardware and software arterial health solutions for physicians, research, pharma, hospitals, and home health, that is not available from any other arterial pressure monitor. The CONNEQT Pulse joins the company’s other market leading products in vascular health including the “gold standard” SphygmoCor XCEL, and the Oscar 2 ABPM (Ambulatory Blood Pressure Monitor jointly developed with SunTech Medical).
The CONNEQT Pulse also will enhance CardieX’s offering for its clinical trial solutions. The company’s tech allows pharmaceutical companies to better assess potential vascular outcomes through multiple trial stages, allowing more efficient and cost-effective trial outcomes. The underlying SphygmoCor technology in CONNEQT Pulse has been used in 47 clinical trials to date with global pharmaceutical companies such as GlaxoSmithKline, AstraZeneca, Bayer, and Novartis.
With the commercial launch of the CONNEQT Pulse, the company will provide a fully decentralised clinical trial (DCT) platform enabling clinical trial managers to monitor thousands of patients at their homes with a SaaS-based tablet solution. Markets and Markets Research estimates the market for DCT to reach $268 billion by 2027.
Cooper also highlighted the potential of the company’s latest innovation:
“With our current suite of products we’ve traditionally sold to specialist clinicians, research, and pharmaceutical companies who used our devices solely in a clinical setting,” he said.
“With the CONNEQT Pulse we now have a device that can be deployed at scale in general healthcare practices, in the home, and at a patient’s location when used for a clinical trial – all at a price point that enables mass adoption and deployment at scale”.
CardieX last week also announced the appointment of Charlie Taylor as an Australian based independent non-executive director.
With a distinguished career spanning over 30 years, Taylor brings a wealth of experience in advising both private and public sector healthcare organisations. Prior to joining CardieX, he served as a senior partner at McKinsey, where he led the Health and Public Sector practice. His appointment is effective from March 1.
This article was developed in collaboration with CardieX, a Stockhead advertiser at the time of publishing.
This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.
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