Belluscura Ltd (“Belluscura”), a global medical device company that provides premium proprietary medical devices at affordable prices, has successfully concluded an oversubscribed private placement to raise approximately US$675,000 (“Private Placement”).
The Company announced in June 2016 that it planned to extend its fundraising round. This Private Placement has been concluded on similar terms, raising, in total, $2,175,000 this year, giving Belluscura a post-money valuation of US$5,250,000.
In line with the previous fundraising (announced on 27 June 2016) the proceeds of the Private Placement are intended to be applied as follows:
- regulatory, safety and quality expenses for medical products, including CE Marking and certification for European sales;
- implementing product manufacturing and acquiring initial stock;
- acquisition of additional medical products; and
- working capital purposes.
Commenting on the private placement, Robert Rauker, CEO, said: “We are excited to have closed this additional private placement for Belluscura. We launched our first product in September ahead of schedule and believe that Belluscura has significant potential with its capable and experienced management team, compelling products and its business model of providing premium, proprietary medical devices at affordable prices through the acquisition of non-core or under-valued assets from leading medical device companies.”