Australian ImpediMed raises $56m in private placement

Australian medtech developer ImpediMed said yesterday it closed a $56.6 million (AUD $75.1 million) private placement financing round.

The company develops and distributes medical devices which use bioimpedance spectroscopy to provide non-invasive monitoring of fluid status in patients.

“We would like to thank our new and existing shareholders for their ongoing support of the company. This capital raise further strengthens our balance sheet, and places the company in a strong position as we continue the commercial rollout of L-Dex in the United States, and advance our bioimpedance spectroscopy (BIS) technology applications and clinical trials for the chronic heart failure market,” CEO Richard Carreon said in a press release.

Funds from the round are slated to expand sales and marketing for its L-Dex unilateral lymphedema assessment system and allow for “balance sheet flexibility” and working capital to drive growth of the L-Dex in the U.S. and internationally.

ImpediMed said the L-Dex is the 1st FDA cleared device designed to assess secondary unilateral lymphedema of the arm and leg in women, and the leg in men.

ImpediMed said fund will also go towards pursuing the chronic heart failure business, including completing a 510(k) and conducting a clinical trial based around CHF, as well as to strengthen its balance sheet.

Cannacord Genuity acted as the sole lead manager and bookrunner for the placement, the company said.

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