UK medical device company Belluscura plc reported robust May sales of $0.54 million for its X-PLOR portable oxygen device, up from $0.52 million in April, as demand for portable oxygen solutions continues to grow globally.
Belluscura develops and manufactures patented portable oxygen concentrators to assist people with chronic obstructive pulmonary disease (COPD).
The company’s positive trading update comes as the company addresses short-term funding needs through a $1.5 million convertible loan facility arranged by US merchant bank Omaha Value, Inc.
Belluscura has drawn an initial $250,000 from the facility, which carries an 18% annual interest rate and is repayable within 12 months. The company can draw down at their discretion.
The funding is intended to bridge the company to a larger fundraising round, with Belluscura signing heads of terms for Omaha to arrange a minimum $12 million direct subscription at 1.125 pence per share. This is a premium to the current share price.
The equity round includes warrant provisions that could see Omaha and its investor group control over 30% of the enlarged share capital.
Despite the financial pressures, Belluscura confirmed its new DISCOV-R product remains on track for commercial launch in Q3 2025.
Belluscura has won the interest of major players in the medical device industry; it must now capture this opportunity by delivering products.