Simavita IPO Closes, With A$14 Million Capital Raised
Published: Dec 01, 2013
Simavita IPO closes, with A$14 million capital raised
Sydney, Australia – 2 December 2013 – Australian medical device company, Simavita has today announced it has raised A$14 million through its Initial Public Offer with Lodge Partners as lead manager of the capital raise, and has received court approval for its Scheme of Arrangement allowing it to list on the Toronto Stock Exchange Ventures market (TSXV.)
Almost half of the issue was subscribed for by existing Simavita shareholders. New investors into the stock include well known and successful Australian institutional and family office investors, as well as some individual larger high net worth investors and smaller retail investors.
The funds raised significantly strengthen the Company’s balance sheet as it pursues its primary objectives to:
Build inventory and support the distribution agreement with Forbes 100 company, Medline – who will sell Simavita’s SIM™ proven and commercialised medical device, targeting incontinence in the aged and impaired, into the world’s biggest aged care market, the USA;
Develop new products over the coming 1-2 years, and
Launch into new markets, commencing immediately with US distribution, followed by Canada and Europe.
Simavita is a global leader in incontinence management and has developed and commercialised the world’s first and only instrumented incontinence assessment medical device - SIM™ for use in the aged care sector.
The breakthrough platform technology SIM™ can remotely detect multiple incontinent episodes during the 72 hour assessment period and produce accurate, evidence based data to efficiently develop personalised incontinence plans, which are required to meet accreditation standards in aged care facilities. In addition, the proprietary technology both greatly improves quality of life for aged care residents undergoing incontinence testing, and dramatically affects labour costs and efficiencies, reducing the cost of the consumables associated with ongoing daily product use.
Philippa Lewis, CEO and Managing Director of Simavita, commented: “We are delighted with the strong support shown by Australian investors including the entry of a number of institutions as part of this capital raising. It’s an exciting time to be part of Simavita as we roll out our SIM™ product in new markets, and the excellent support shown for this transaction validates our belief that SIM™ will be key to the transformation of incontinence management in the aged care market, both in Australia and around the world.”
The successful close of the capital raise follows several recent significant achievements. In August, the company announced that it had received U.S. FDA 510(k) clearance for the SIM™ System. Clearance has also been issued for Simavita to market the device as a Class 1 medical device within the European Union, and marketing of SIM™ is underway in Australia with several loyal, revenue-generating customers using it to drive labour efficiencies within their aged care facilities.
Following the close of the prospectus, Simavita has also been granted court approval for its Scheme of Arrangement allowing the company to proceed with listing on the TSXV. A secondary listing on the ASX is also being contemplated.
Ms Lewis commented: “We are very excited to be listing on the Canadian securities exchange which gives us important access to North American opportunities and investors but also allows us to remain in Australia where our technology was developed and commercialized. Simavita is grateful to the aged care industry of Australia for their leadership in supporting the commercialisation process.”
Simavita is a medical device company that has developed an innovative world first solution for the management of urinary incontinence, with a focus on the elderly. The first product is the SIM™ platform technology which is an instrumented incontinence assessment application that provides evidence based incontinence management care plans to the residential aged care market.
SIM™ is a wireless sensor technology that delivers evidence-based instrument incontinence data on individuals. SIM™ provides user friendly tools and software to assess the incontinence condition and to help plan better outcomes. SIM™ is used to detect, record and report incontinence events during a compulsory or recommended assessment period in residential aged care facilities to develop an evidence-based incontinence care plan.
Conducting assessments is mandatory in many countries and the incontinence assessment creates an influential element of care of each individual.
Philippa Lewis, Chief Executive Officer
T: +61 2 8405 6381
T: +61 3 9200 7000
Media and Investor Relations
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