Australian Motion Analysis Pioneer, dorsaVi Ltd, Launches $18 Million Initial Public Offer
Published: Nov 22, 2013
Australian Motion Analysis Pioneer, dorsaVi Ltd, Launches $18M Initial Public Offer
MELBOURNE, Australia--(BUSINESS WIRE)-- dorsaVi Ltd, an Australian-based company specialising in the development and commercialisation of wireless and wearable sensor movement monitoring products, has issued a prospectus to raise A$18 million via a fully underwritten initial public offer (IPO).
The public offer will comprise 41.25 million shares at A$0.40 each totalling A$16.5 million plus a subscription by current investor in the company, Starfish Technology Fund, for A$1.5 million. dorsaVi’s indicative market capitalisation on listing will be A$48.5 million.
dorsaVi believes its pioneering system enables - for the first time - many aspects of detailed human movement and position to be accurately captured, quantified and assessed outside a biomechanics lab, in both real-time and real situations for up to 24 hours.
Drawing on its movement monitoring technology, dorsaVi has undertaken a successful pilot commercial launch of its first three products designed for distinct market segments:
Elite Sports - ViPerform for assessment and management of player injury. Currently used by five AFL clubs including Richmond, Western Bulldogs, Essendon, Fremantle and Brisbane Lions; English Premier League clubs Manchester United and West Bromwich Albion; and various sporting bodies including the Australian and Victorian Institutes of Sport, the Queensland Academy of Sport and Cricket Australia.
OH&S – ViSafe for improving work practices and workplace safety and design. Has been used by major corporates including Coles, Woolworths, Toll, Toyota, Amcor, Crown and BHP Billiton.
Medical and physiotherapy – ViMove for assessing and treating lower back pain and other musculoskeletal conditions. Currently used by 35 practices in Australia and three in the UK.
dorsaVi Chairman and Olympic gold medallist, Herb Elliott, said the company was well-positioned to achieve commercial scale and success.
“The early take-up by high profile customers in each of the company’s markets is testament to the company’s technology and the strength of its products”, he said. “We have first-mover advantage and the company has been granted patent protection for many of its key markets until 2025”, said Mr Elliott.
dorsaVi recently completed a clinical trial of its medical and physiotherapy product, ViMove. The trial, conducted at a number of sites including the Austin and Epworth hospitals in Victoria, showed that 12 months after commencing the trial, low back pain patients receiving ViMove treatment had on average a 46% reduction in pain and a 77% increase in mobility compared to when they started the trial.
dorsaVi has obtained regulatory approval to market and sell ViMove as a medical device in both Australia and Europe, and has applied for US FDA 510(k) approval to commence marketing and sales of ViMove in the USA.
“We expect the results of dorsaVi’s recent clinical trial to be a catalyst for helping to achieve the successful roll-out of ViMove in the medical/physiotherapy market”, said Andrew Ronchi, CEO of dorsaVi. “In addition, the early adoption of our ViPerform and ViSafe products by well-known and highly-regarded organisations validates our growth prospects for the elite sports and OH&S markets both domestically and overseas.”
The Board and management team of dorsaVi has extensive experience in elite sports, OH&S and the medical device market, along with a deep understanding of the business opportunity relating to human movement and the commercialisation of relevant products.
The prospectus is available at www.dorsavioffer.com and applications for shares can be made by completing the application form attached to the prospectus. Investors should read the prospectus in full before deciding whether to invest. The closing date for applications is scheduled for Friday, 29 November 2013 with shares expected to commence trading on the ASX on a normal settlement basis on Wednesday, 11 December 2013.
Canaccord Genuity is the Sole Lead Manager and Underwriter for the IPO.
For more information or to arrange an interview, contact:
Ben Oliver, +61 402 242 982
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