Belluscura makes 'significant progress', proposes placing

12th Jun 2024 08:42

(Sharecast News) - Medical device developer Belluscura said on Wednesday that it had made "significant progress" in recent months and proposed a fundraising of up to £2.4m.

Belluscura said US sales of its X-PLOR portable oxygen concentrator came to $820,000 in the three months to May, with monthly sales doubling over the period. Sales hit $450,000 in May, the company's highest recorded monthly sales performance across both D2C and B2B channels. Chinese sales also continued to grow as X-PLOR sales were in excess of $200,000 in May.

The AIM-listed group also noted that testing and validation of its DISCOV-R portable oxygen concentrator was continuing in line with previously announced plans, remaining on scheduled to ship in June.

Belluscura added that it was looking to conduct a fundraising by way of a conditional placing of convertible loan notes to raise net proceeds of up to £2.4m. The company has already received expressions of interest to participate in the placing from various interested potential investors.

Chairman Adam Reynolds said: "The group has made significant progress in recent months, culminating in record sales for X-PLOR in May 2024.

"The proposed fundraise will provide the group with the flexibility to capitalise on the strong anticipated demand for X-PLOR through the remainder of 2024 and the considerable interest in DISCOV-R, which is expected to start shipping this month."

As of 0840 BST, Belluscura shares were untraded at 12.0p.

Reporting by Iain Gilbert at Sharecast.com