QT Vascular Obtains Funding To Boost Growth Through Issuance Of Up To US$13.14 Million Convertible Bonds
PLEASANTON, Calif., July 27, 2015 /PRNewswire/ -- QT Vascular Ltd., together with its subsidiaries ("QT Vascular" or the "Group"), a global company engaged in the design, assembly and distribution of advanced therapeutic solutions for the minimally invasive treatment of vascular disease, has entered into an agreement with a group of investors (the "Investors") for up to US$13.14 million convertible bond investment. This funding will strengthen the Group's working capital which would help boost its growth to the next milestone.
Dr. Eitan Konstantino, Ph.D., Chief Executive Officer of QT Vascular said, "We are very pleased to receive this stamp of confidence from the Investors. Securing this funding would not only allow us to grow the business further but also to achieve greater value for our shareholders. Their investment in us reflects the confidence the Investors have in our products and our prospects."
The convertible bond investment will have an 18-month maturity period and can be converted into ordinary shares at S$0.128 per share. The conversion price of S$0.128 per share represents a 7.56% premium over QT Vascular's weighted average price for trades done on the SGX-ST on 24 July 2015 of S$0.119. The bonds can be converted at any time at the sole discretion of the Investors. This also indicates the level of confidence the Investors have in QT Vascular's Chocolate® platform.
The funding support will allow QT Vascular to focus more resources on developing its unique drug-coated Chocolate® angioplasty balloon platform further, as it works towards obtaining the necessary regulatory approvals, particularly the CE Mark and Food and Drug Administration ("FDA") approval. With the necessary approvals in place, the Group will be able to realise the strong potential of its drug-coated Chocolate® platform.
In the Chocolate Bar post-market registry, the Chocolate® PTA platform has demonstrated a low rate of flow-limiting dissections, thereby reducing the need for unplanned stenting in the peripheral arteries based on historical results of conventional balloons(1) (2). Its Chocolate® PTA Balloon Catheter, was the first medical interventional product from Singapore to receive the US FDA clearance. A version of the Chocolate® platform, Chocolate® PTCA, is also approved by FDA to treat patients' coronary arteries. The Group is currently enrolling patients in early clinical studies of its drug-coated Chocolate® platform for both peripheral and coronary arteries.
As global healthcare spending rises, against the backdrop of a global ageing population, more efforts are being placed on the search for innovative solutions that can improve lives and be administered efficiently. This is also underpinned by rising income levels in developing economies and expanding insurance coverages. Pharmaceutical and healthcare-related companies with products that can improve clinical outcomes and lower overall healthcare costs will benefit from this trend.
(1) | Dr. Tony Das, et al. "Chocolate® BAR: Chocolate® PTA in a broad range of patients with PAD, a prospective post-marketing study", LINC 2014 |
(2) | Literature review on file with TriReme Medical, LLC |
About QT Vascular Ltd.(SGX Stock code: 5I0 | Bloomberg: QTVC:SP | Reuters: QTVA:SI)
QT Vascular Ltd. together with its subsidiaries ("QT Vascular" or the "Group"), is an emerging leader in the development and commercialization of next generation minimally invasive products for the treatment of complex vascular disease. QT Vascular works closely with leading physicians and scientists from around the world to create differentiated devices that improve procedural and clinical outcomes.
QT Vascular is based in Singapore with a US subsidiary, TriReme Medical LLC ("TriReme Medical"), based in Pleasanton, California. TriReme Medical's range of percutaneous transluminal angioplasty ("PTA") and percutaneous transluminal coronary angioplasty ("PTCA") products include (i) Chocolate® PTA Balloon Catheter, (ii) Chocolate® PTCA Balloon Catheter, (iii) GliderXtremeTM PTA Balloon Catheter, (iv) GliderfleX® PTA Balloon Catheter and (v) GliderTM PTCA Balloon Catheter, all of which have the CE Mark that allows them to be sold in Europe, and FDA clearance to be sold in the United States. Additionally, the GliderXtremeTM PTA Balloon Catheter has the regulatory clearance in China and Japan, while the GliderTM PTCA Balloon Catheter has the regulatory clearance in Japan. These products are sold through its main distributors: (i) Cordis Corporation (a wholly-owned subsidiary of Johnson & Johnson), (ii) Shandong Weigao Group Medical Polymer Co Ltd and (iii) Century Medical, Inc.
The Group is also applying for CE marking approval with respect to the Chocolate® Touch, its advanced drug-coated peripheral balloon.
In October 2014, the Group acquired a novel technology platform called Java, and all its associated intellectual property. The Group believes the Java technology is a strong fit with QT Vascular's core expertise in minimally invasive angioplasty.
For more information, please visit the company website at www.qtvascular.com
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SOURCE QT Vascular Ltd.
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