4DMedical (ASX:4DX) completes $20m placement and launches $15m share purchase plan

• 4DMedical (4DX) taps investors for $20 million via a placement to accelerate the commercialisation of its four-dimensional respiratory imaging platform
• The share placement will see 22 million shares issued at 91 cents – a 19.8 per cent discount on the company’s last closing price on May 3 2023
• Due to strong demand for the placement, 4DX is also offering investors to participate in a share purchase plan to raise an additional $15 million
• Shares issued under the company’s placement and SPP will have one unlisted free attaching option for every two new shares issued for $1.36, expiring on December 31, 2024
• 4DX shares are down 1.32 per cent, to $1.12 at 2:30 pm AEST.

4DMedical (4DX) has secured $20 million in funding through a placement aimed at fast-tracking the commercialisation of its four-dimensional respiratory imaging platform.

Through the placement, the company will issue 22 million shares at 91 cents apiece – a 19.8 per cent discount to the last closing price on May 3.

4DX reported the demand for the placement significantly exceeded the $20 million target, with strong support from both new and existing institutional and sophisticated investors, both locally and overseas.

As such, 4DX has also offered eligible shareholders in Australia and New Zealand the opportunity to participate in a share purchase plan (SPP), with options to apply for up to $30,000 in new shares for an additional $15 million in gross proceeds.

4DX reported that all proceeds raised would be used to accelerate the commercialisation of its respiratory imaging platform and “significantly strengthen” its balance sheet.

“We are seeing real momentum in the commercialisation of our business. Our first hospital-based software-as-a-service (SaaS) contract with the University of Miami establishes a framework for further contracts with US hospitals,” 4DX Medical Founder and CEO Andreas Fouras said.

“The funds raised from the placement and SPP will enable us to accelerate our commercialisation efforts and capitalise on our recent momentum. It will also provide us with balance sheet flexibility for future growth opportunities as our revenue profile continue to grow.”

The SPP will be offered at 91 cents per share, a discount of 2.5 per cent to the volume-weighted average price (VWAP) of shares traded on the ASX over the five trading days leading up to the closing date of the SPP.

New shares issued under the company’s placement and SPP will have one unlisted free attaching option for every two new shares issued, at an exercise price of $1.36 and an expiry date of December 31, 2024.

4DX shares were down 1.32 per cent, and trading at $1.12 at 2:30 pm AEST.