FDA approval provides oxygen for Belluscura float

Two months after gaining FDA 510 (k) clearance for its X-PLO2 R portable oxygen concentrator (POC) medical devices developer Belluscura is planning to join AIM in late May. Belluscura initially planned to float at the end of 2017, but the business was at a much earlier stage. The pre-money valuation is £35m-£40m and the company is seeking £15m of new money.

Existing AIM-quoted company Tekcapital (LON: TEK) set up Belluscura although its stake has been diluted. More recently, warrants and options have been exercised at the cost of £1.25m to take Tekcapital’s stake to 17.1 million shares, compared with 10.5 million shares previously. A placing at 10p a share raised the cash required and the share price has subsequently risen to 15.2p.

The conditional placing price is 42p-48p. That wou...

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Andrew Hore is the publisher of AIM Journal, which is an online monthly publication covering the Alternative Investment Market.