1st April 2016
MedaPhor Group plc placing to raise £3.2 million
MedaPhor Group plc (AIM: MED), the global provider of advanced ultrasound training simulators for medical professionals, has conditionally raised £3.2 million by way of a placing of 7,111,112 new Ordinary Shares at 45 pence each with certain existing and new shareholders. The Placing Shares have been conditionally placed by Cenkos, as agent for the Company, with institutional and other investors.
On 1 March 2016, the company announced that it had signed a three-year agreement with the American Board of Obstetrics and Gynecology (“ABOG”) for the planned use of ScanTrainer as the ABOG’s ultrasound skills examination simulator within its obstetrics and gynaecology certification exams. The ABOG is the official body for certifying obstetricians and gynaecologists in the United States and conducts nearly 2,000 certification examinations per annum. Over 200 hospitals in the US run obstetrics and gynaecology residency programmes and the Directors believe these training hospitals will be key targets for ScanTrainer simulator systems.
The net proceeds of the Placing will allow the Company to:
- Further develop its US based direct sales team and customer support resources;
- Fund the continued growth of the existing business, including further development of its ScanTrainer simulation platforms and cloud-based services;
- Further develop its reseller support network; and
- Provide general working capital.
The directors believe that the net placing proceeds will fund the company through to profitability.
Stuart Gall, CEO of Medaphor, commented: ”We are delighted by the strong level of support from new and existing investors in the placing. This fundraising represents an important milestone in the development of the group as we look to drive sales of our leading ScanTrainer product around the world. The proceeds of the fundraising will allow us to take advantage of the exciting product growth opportunities available to us, particularly as a result of the ABOG agreement.”