- Imricor Medical Systems (IMR) closes a $16.5 million placement ahead of an upcoming security purchase plan (SPP)
- Placement shares were issued at $1.00 per CHESS Depository Interest
- Immediately following the placement, the company is planning to launch an SPP to raise a further $1 million
- IMR shares last traded at $1.22 per share
Imricor Medical Systems (IMR) has closed a $16.5 million placement ahead of an upcoming securities purchase plan (SPP).
Placement shares were issued at $1.00 per CHESS Depository Interest.
Immediately following the placement, the company is planning to launch an SPP to raise a further $1 million.
Steve Wedan, President and CEO of Imricor, said the company greatly appreciated the support shown by our existing institutional investors in the placement.
“The successful completion and strong demand received from the equity raising demonstrates the support of our commercialisation progress and our delivery of key milestones since IPO,” he added.
In a recent half-year report, Imricor revealed it had revenue of US$366,000 (A$491,654), up 32 per cent from the prior corresponding period (pcp).
The company also tabled a net loss of US$9.96 million (A$13.37 million), down 71.8 per cent from the pcp.
Despite the increase in revenue, Imricor credits the increase in loss to the low procedure volumes caused by COVID-19.
IMR shares last traded at $1.22 per share in a $154 million market cap.