Belluscura to Raise up to GBP3.5 Mln to For Portable Oxygen Device Finalization, Launch

By Joe Hoppe

Belluscura said Thursday that it has conditionally raised 3.0 million pounds ($3.7 million) through a placing and subscriptions, and will raise up to a further GBP500,000 in a separate retail offer, to be used for its DISCOV-R portable oxygen concentrator.

The developer of medical devices said that it issued 12.0 million ordinary shares at a price of 25 pence a share to both new and existing subscribers, a 5.7% discount to its closing share price of 26.5 pence on Wednesday.

The company also intends to carry out a separate retail offer, providing up to another 2.0 million ordinary shares at the placing price to existing shareholders.

Funds will be used to finalize DISCOV-R development and complete its pre-market evaluation and launch, as well as for working capital.

"With the support of our investors through this additional funding, despite challenging market conditions, we now have the firepower to capitalise on the significant market opportunities that have been identified for Belluscura's market-leading products," Chief Executive Robert Rauker said.

The fundraising is conditional on shareholder approval, which will be sought at a general meeting on June 14. Shares are expected to be admitted to trading around June 16.

Shares at 1034 GMT were down 1.0 pence, or 3.8%, at 25.5 pence.

Write to Joe Hoppe at [email protected]

Wedbush analyst Dan Ives raises his price target on Tesla stock to $300 a share from $215. He rates shares a Buy.

Dow Jones Newswires is a market-moving financial and business news source, used by wealth managers, institutional investors and fintech platforms around the world to identify trading and investing opportunities, strengthen advisor-client relationships and build investor experiences. Learn More.