LONDON, U.K. & PLANO, Texas (May 28, 2021)—Belluscura plc, a medical device developer focused on lightweight and portable oxygen enrichment technology, announced that admission to trading on the Alternative Investment Market (AIM) will take place, and dealings will commence at 8:00 a.m. today under the ticker BELL and ISIN GB00BD3B8Z11. AIM is a sub-market of the London Stock Exchange.
The company’s Admission Document is available here: investors.belluscura.com
Key Highlights:
• Successful Fundraising for gross proceeds of £17.5 million, at an issue price of 45p
• The oversubscribed fundraising was strongly supported by new and existing investors
• Market capitalization of approximately £50.96 million on Admission
• Enlarged share capital on Admission of 113,240,735 ordinary shares
• The placing shares and subscription shares represent 34.34% of the enlarged share capital
• SPARK Advisory Partners Limited acted as the company’s sole nominated adviser and Dowgate Capital Limited acted as sole broker and bookrunner in relation to the placing and subscription.
Use of Proceeds
The net proceeds of the placing and subscription are expected to be approximately £16.1 million and are currently intended to be applied as follows:
• Widening staffing resources within engineering and quality, marketing, sales and customer service;
• Compliance and finance and appointing a key manufacturing and regulatory executive;
• Marketing of the product ranges, including building the brand, improving the website functionality and SEO and social media presence;
• Funding towards the FDA Medical Device Compliance, IT & Data Compliance and CE Mark Clearance;
• Research and development into new products and increasing testing capabilities;
• Funding for the overheads of the firm such as running the offices; and
• Initial working capital funding.
The Market
The global respiratory care devices market is estimated to be $23.4 billion in 2021 and expected to reach $28.6 billion by 2024, growing over $1.7 billion per year.
Within the respiratory care devices market, the supplemental oxygen therapy devices market was forecast in 2018 to grow by 6% per year from $3.2 billion in 2021 to $4.2 billion by 2026.
The impact of the COVID-19 pandemic has led to an increase in this growth forecast to 11% per annum. The market is now forecast to reach $5.7 billion by 2026, an increase of 66% over the next five years.
About Belluscura
Belluscura’s first product, the X-PLO₂RTM, is a lightweight FDA-cleared portable oxygen concentrator (POC) designed to replace larger, metal oxygen tanks and heavier portable oxygen concentrator devices. The X-PLO₂R weighs less than 1.5kg (3.25lbs) and the Directors believe it is the world’s first modular portable oxygen concentrator and that it will generate more oxygen by weight than any other FDA cleared POC in its class. The X-PLO2R can deliver up to 95% pure oxygen to patients 24/7 to help improve the quality of life for millions of people worldwide who suffer from chronic lung diseases, such as chronic obstructive pulmonary disease (COPD) and respiratory distress caused by COVID-19. The X-PLO₂R will be launched shortly, and additional products within the range will be launched within the next 12 months.
Belluscura either owns or exclusively licenses a total of 26 patents and applications relating to oxygen enrichment devices and treatments.
Belluscura was established in the United Kingdom in December 2015 with the object of commercializing intellectual property in the medical device space. The company is currently focused on devices and treatments involving enriched oxygen.
The company has raised approximately $11.7 million since 2018 in a number of fundraising rounds in order to develop and commercialize the company’s product portfolio.
In February 2017, Belluscura entered into a co-exclusive license and development agreement with Separation Design Group LLC (SDG) of Waynesburg, Pennsylvania, to jointly develop and commercialize the X-PLO₂RTM portable oxygen concentrator, a device that weighs less than 1.5kg, yet can deliver up to 800ml per minute of pulse dose enriched oxygen to a patient prescribed long-term oxygen therapy. This agreement was updated in March 2021 to be an exclusive license and development agreement.
On 2 March 2021, Belluscura received 510(k) clearance from the US Food &Drug Administration for the X-PLO₂R. The directors do not anticipate requiring additional FDA 510(k) clearances to launch the X-PLO₂R CX and the X-PLO₂R DX portable oxygen concentrators, as it expects to be able to self-certify under “substantially equivalent” protocols of the FDA.
Belluscura has an experienced executive management team with significant expertise in the medical devices industry and UK public companies.
Visit belluscura.com for more information.
