Join our daily newsletter At The Bell to receive exclusive market insights
- Medical tech company HeraMED (HMD) raises roughly $2.39 million through a convertible note placement
- The placement was strongly supported by institutional and sophisticated investors
- The proceeds will fast-track the commercial roll out of HMD’s HeraCARE maternity care platform and HeraBEAT device, which are undergoing paid pilots globally
- Shares have closed flat at 19 cents on October 18
HeraMED (HMD) has raised roughly $2.39 million through a convertible note placement.
The company considers itself a leader in the digital transformation of maternity care thanks to its proprietary in-home maternity care platform, HeraCARE.
Through the placement, HMD issued notes with a face value of $1 each and a maturity date scheduled six months from the date of issue, with strong support received from institutional and sophisticated investors alike.
The proceeds are set to accelerate the commercial roll out of both HeraCARE and the company’s HeraBEAT foetal and maternal heart monitoring device, for which several paid pilots are underway around the world.
Commenting on the raise, HeraMED CEO and Cofounder David Groberman said he was delighted with the strong support shown by investors.
“These funds will ensure we can capitalise on the opportunities that exist with several potential global commercialisation partners,” Dr Groberman said.
“During the past few months we have made significant progress on our commercialisation strategy, including announcing a second site as part of our paid pilot with Mednax commencing in Atlanta, Georgia, which was accompanied with the positive interim results in the first paid pilot that is being undertaken in San Jose, California.”
Dr Groberman said HMD was continuing its work in Australia and overseas.
“Separately, the paid pilot that began in August at the Joondalup Health Campus in WA is progressing well, the expanded pilot for high-risk pregnancies is underway at Sheba Hospital in Israel, and HeraCARE has been shortlisted for a government tender in Spain,” he said.
Lead manager for the capital raise, PAC Partners, will receive a six per cent capital raising fee in addition to one million broker notes on the same terms as the options, which will be issued to investors upon conversion of the notes.
Shares closed flat at 19 cents on October 18.
