Simavita Launches IPO to Raise A$15 Million and Commences Listing on TSXV
Published: Nov 04, 2013
Simavita launches IPO to raise A$15 million and commences listing on TSXV
Sydney, Australia – 24 October 2013 – Australian medical device company Simavita has today announced its intentions to list on the TSX Venture Exchange (TSXV) in Canada.
Simavita is planning to merge with the dormant listed Canadian company, Gtech International Resources Limited (Gtech) to be renamed ‘Simavita Limited’.
Simavita is seeking to raise A$15,000,000 via an initial public offer (with the ability to take up to A$5,000,000 in oversubscriptions). The offer price is $0.41 per share.
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.
Sales of SIM™ have commenced in Australia and Simavita has received clearance from the Food and Drug Administration (FDA) in the United States. The company has signed an exclusive distribution agreement with one of the most dominant manufacturers and distributors of healthcare supplies in the United States, Medline Industries Inc. which is expected to drive product sales in the United States in 2014.
“Currently more than 70% of aged care residents are incontinent, costing aged care facilities approximately $6 billion in assessment labour costs. This is a massive issue which places increased pressure on aged care services to provide quality care, while still effectively managing costs,” said Simavita Chief Executive Officer, Philippa Lewis.
“Our SIM™ technology significantly improves the way incontinence is assessed and managed on an ongoing daily basis in aged care facilities, thereby increasing efficiency, lowering costs and increasing the quality of life for residents struggling with incontinence. SIM™ gives family members the comfort of knowing that their loved one is being cared for utilising an evidence based technology”
Use of funds
The funds raised will primarily provide working capital for the Company to build inventory and support the US Distribution Agreement with Medline. The funds will also be used to develop new products over the coming 1-2 years, and launch into new markets commencing immediately in the United States, followed by Canada and Europe. Additional funds raised will allow the company to fast track the new global market development schedule.
“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.”
“This is a tried and tested, de-risked technology, which is already available in Australia and about to become available the US. The platform technology has the potential to create additional applications, which may form the basis of new revenue streams over the coming years,” said Ms Lewis.
Copies of the Prospectus are available on Simavita’s website http://www.simavita.com or from Computershare by calling 1300 850 505 (within Australia) and +61 3 9415 4000 (outside Australia). Investors can apply for shares in Simavita by completing an Application Form attached to the Prospectus. The offer is contained in the Prospectus and potential investors should consider the Prospectus in its entirety before making a decision whether to apply for shares in Simavita.
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
Jane Lowe E: firstname.lastname@example.org T: +61 2 9237 2800
Rebecca Wilson E: email@example.com T: (03) 9866 4722
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