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USCOM LIMITED — Capital/Financing Update 2017
Dec 18, 2017
65979_rns_2017-12-18_8b3c0f90-76dc-4c81-a077-9cc3d6c9fb1d.pdf
Capital/Financing Update
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ASX MEDIA RELEASE
Uscom Raises $3M in Strongly Supported Placement
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~10% cornerstone placement to international executive Mr Steven Meng
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Further support from institutional and sophisticated investors
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Provides working capital to manufacture orders on hand, staff hires and finalisation of regulatory approvals
SYDNEY, Australia, Tuesday 19[th] December 2017: Uscom Limited (ASX code: UCM) (the Company or Uscom ) has secured $3M in a placement of new shares, which includes a $1.755M cornerstone investment by international pharma executive and investor Mr Steven Meng.
Uscom will issue 22,222,221 new shares at $0.135 per share, a 10% discount to the last closing price, to the new investors in the placement. Uscom will use the funds to manufacture devices to fill outstanding orders and to build stock of the new BP+, complete global regulatory for all devices, and add clinical support and sales staff.
Post completion of the placement, Mr Meng will own approximately 10% of Uscom, bringing his international corporate and management skills to the Company, in addition to his excellent distribution contacts in China. Mr Meng has previously overseen a network of over 3,000 distributors with channels into over 10,000 Chinese hospitals across the 31 Chinese provinces. Uscom currently has approximately 50 distributors worldwide.
In addition to the allocation to Mr Meng, select institutions and sophisticated investors also took part in the placement of new shares.
Executive Chairman of Uscom, Associate Professor Rob Phillips said: “This raising is to provide vital growth capital as demand for our current device surges, and our 7 new devices are prepared for sale. It has also been an opportunity to refresh the register and introduce economically strong investors and institutions who are enthusiastic to participate in our projected rapid expansion over the next few years. Mr Meng’s long-term investment in the company is supported by an impeccable CV, with strong connections into China distribution, 10 years’ experience as an Executive Director on the Singapore and HK markets, and a current position as a Deputy General Manager in a major China Pharma, and we welcome him to our register.”
The placement is made under listing rules 7.1 and 7.1A. The diluted effect of the placement of existing shareholders is as follows:
| Number of shares issued | % of post-placement issued share capital |
|
|---|---|---|
| Ordinary shares issued under listing rule 7.1 |
17,168,520 | 12.6% |
| Ordinary shares issued under listing rule 7.1A |
5,053,701 | 3.7% |
The Company will issue the shares as a placement under the ASX listing rule 7.1A to sophisticated professional investors on the basis that this was the most efficient and expedient mechanism to raise the funds required to achieve its stated objectives. The issue was not underwritten and $146,170 was paid in commission for the raising (4.9%).
Uscom Limited (ABN 35 091 028 090) Suite 2, Level 8, 66 Clarence Street, Sydney NSW 2000 Australia T: +612 9247 4144 E: [email protected] W: www.uscom.com.au
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ASX MEDIA RELEASE
About Uscom
Uscom Limited (UCM) : An ASX listed innovative medical technology company specialising in development and marketing of premium non-invasive cardiovascular and pulmonary medical devices. Uscom has a mission to demonstrate leadership in science and create noninvasive devices that assist clinicians improve clinical outcomes. Uscom has three practice leading suites of devices in the field of cardiac, vascular and pulmonary monitoring; the USCOM 1A advanced haemodynamic monitor, Uscom BP+ central blood pressure monitor, and the Uscom SpiroSonic digital ultrasonic spirometers. Uscom devices are premium resolution, noninvasive devices which deploy innovative and practice leading technologies approved or submitted for FDA, CE, CFDA and TGA regulatory approval and marketing into global distribution networks.
The USCOM 1A : A simple to use, cost-effective and non-invasive advanced haemodynamic monitor that measures cardiovascular function, detects irregularities and is used to guide treatment. The USCOM 1A device has major applications in Paediatrics, Emergency, Intensive Care Medicine and Anaesthesia, and is the device of choice for management of adult and paediatric sepsis, hypertension, heart failure and for the guidance of fluid, inotropes and vasoactive cardiovascular therapy.
The Uscom BP+ : A supra-systolic oscillometric central blood pressure monitor which measures blood pressure and blood pressure waveforms at the heart, as well as in the arm, information only previously available using invasive cardiac catheterisation. The Uscom BP+ replaces conventional and more widespread sub-systolic blood pressure monitors, and is the emerging standard of care measurement in hypertension, heart failure and vascular health. The Uscom BP+ provides a highly accurate and repeatable measurement of central and brachial blood pressure and pulse pressure waveforms using a familiar upper arm cuff. The BP+ is simple to use and requires no complex training with applications in hypertension and pre-eclampsia, heart failure, intensive care, general practice and home care. The Uscom BP+ is supported by the proprietary BP+ Reporter , an innovative stand alone software solution that provides a digital platform to archive patient examinations and images, trend measure progress over time, analyse pulse pressure waves and generate summary reports.
Uscom SpiroSonic digital multi-path ultrasonic spirometers : High fidelity, digital, pulmonary function testing devices based on multi path ultrasound technology. They require no calibration, are simple to disinfect, and are simple and accurate to use providing research quality pulmonary function testing in small hand held devices that can be used in research, clinical and home care environments. The devices can be coupled with mobile phone applications and proprietary SpiroSonic software platforms with wireless interfacing to provide remote telemonitoring of pulmonary disease. The devices are specialised for assessment of COPD, sleep disordered breathing, asthma, industrial lung disease and monitoring of pulmonary therapeutic compliance. The SpiroSonic devices are supported by the proprietary SpiroReporter , an innovative stand alone software solution that provides a digital platform to archive patient examinations and images, trend measure progress over time, analyse spirometry outputs and generate summary reports.
For more information, please visit: www.uscom.com.au
Uscom Contacts
Rob Phillips Executive Chairman [email protected]
Brett Crowley Company Secretary [email protected]
Uscom Limited (ABN 35 091 028 090) Suite 2, Level 8, 66 Clarence Street, Sydney NSW 2000 Australia T: +612 9247 4144 E: [email protected] W: www.uscom.com.au