29 Jun : AFR : 4DMedical kicks off $189m IPO two weeks early
Jun 29, 2020 – 11:03am
When the excitement of bookbuild day comes around, it pays to stay calm and breathe easy.
4DMedical founder Andreas Fouras. Wayne Taylor
And in the case of ASX aspirant and lung imaging technology outfit 4DMedical – which is raising $45 million for its IPO – it definitely has the latter covered.
Street Talk understands 4DMedical and its brokers Bell Potter and E&P Corporate Advisory have brought forward the company’s IPO bookbuild by two weeks, in response to significant demand for the offer.
4DMedical and its brokers opened the deal and blasted terms to funds on Monday and were calling for firm bids by midday on Friday.
The $45 million raising was priced at 73¢ a share and implied a $189 million market capitalisation or $138 million enterprise value for 4DMedical, according to terms sent to funds.
The healthcare company is developing a diagnostic imaging technology that scans a patient’s respiratory system, to help improve the ability of physicians to diagnose and manage lung diseases.
Its platform – called XV Technology – has received FDA clearance in the United States and the company is in product development stage, working to commercialise the technology.
Funds were told the money raised would be used for marketing, operating expenditure, product research and development and for sales and distribution.
The company was founded in 2012 by Dr Andreas Fouras when he was working at Monash University as a professor of mechanical and aerospace engineering.
He is supported by a board chaired by Bruce Rathie, who is also a non-executive director at healthcare tearaway Polynovo.