ImpediMed raises $57 million private placement
March 23, 2016 – CARLSBAD. ImpediMed Limited, a global provider of medical technology to measure, monitor and manage fluid status in patients, announced the completion of its recent capital raising activity, raising a total of A$75.1 million (US$57 million) before costs.
The funds raised will primarily be used by the company to:Expand sales and marketing activities for the L-Dex system to aid in the clinical assessment of unilateral lymphedema in cancer patients; Allow for balance sheet flexibility and working capital expansion to drive additional L-Dex growth in both the U.S. and international markets; Pursue the Chronic Heart Failure (CHF) business, including completing the 510(k) process and conducting and completing a clinical trial in CHF to position the company with clinical data in support of a future product launch in CHF; and Provide for balance sheet strength in the context of high levels of commercial and corporate inquiry being generated by the company
“We would like to thank our new and existing shareholders for their ongoing support of the company,” said Richard Carreon, ImpediMed’s CEO and Managing Director. “This capital raise further strengthens our balance sheet, and places the company in a strong position as we continue the commercial rollout of L-Dex in the United States, and advance our bioimpedance spectroscopy (BIS) technology applications and clinical trials for the chronic heart failure market.”