Belluscura plc announces intention to float on AIM of London Stock Exchange

LONDON: Belluscura plc, a leading medical device developer focused on lightweight and portable oxygen enrichment technology, announced its intention to list entire issued and to be issued ordinary share capital of the Company to the AIM market of the London Stock Exchange.

Belluscura’s first product, the X-PLO2 RTM, is a lightweight FDA cleared portable oxygen concentrator (POC) designed to replace larger, metal oxygen tanks and heavier portable oxygen concentrator devices.

The X-PLO2 R weighs less than 1.5kg (3.25lbs) and the Directors believe it is the world’s first modular portable oxygen concentrator and that it will generate more oxygen by weight than any other FDA cleared POC in its class.

The X-PLO2R can deliver up to 95% pure oxygen to patients 24 hours a day, 7 days a week to help improve the quality of life for millions of people worldwide who suffer from chronic lung diseases, such as Chronic Obstructive Pulmonary Disease (COPD) and respiratory distress caused by COVID-19.

The X-PLO2 R will be launched shortly and additional products within the range will be launched within the next 12 months.

Belluscura either owns or exclusively licenses a total of 26 patents and applications relating to oxygen enrichment devices and treatments.

The Company is seeking to raise £15 million via a conditional placing of shares to support the commercial roll-out of the X-PLO2 R and to progress Belluscura’s oxygen enrichment product portfolio.

Following completion of the Placing and Admission to AIM, Belluscura is expected to be valued in the region of £50-55 million.

SPARK Advisory Partners is acting as Nominated Adviser, and Dowgate Capital is sole Broker and Bookrunner in relation to the proposed Placing.

Key highlights

· £15 million to be raised (before expenses) through a conditional placing with institutional investors at between 42-48 pence per new Ordinary Share

· The net proceeds of the Placing will be used by the Company:

– To widen staffing resources within Engineering & Quality, Marketing, Sales & Customer Service, Compliance & Finance and appointing a key Manufacturing & Regulatory Executive

– Marketing of the product ranges, including building the brand, improving the website functionality and SEO and social media presence

– Funding towards the FDA Medical Device Compliance, IT & Data Compliance and CE Mark Clearance

– Research & Development into new products and increasing testing capabilities

– Funding for the overheads of the firm, such as running the offices, and;

– Initial working capital funding

· Expected market capitalisation on Admission in the region of of £50-55 million

· Admission and commencement of dealings on AIM expected to take place in late May

Robert Rauker, CEO of Belluscura plc, said: “We are delighted to announce our intention to float on AIM. These additional funds will allow us to accelerate our sales effort and the commercial roll-out of the first of our portfolio of oxygen concentrators under development. Our patented oxygen enrichment technology is designed to positively impact millions of people across the globe suffering from serious respiratory diseases.

“Our debut on the AIM market will see us well-positioned for commercial growth and well-financed to support the launch of our FDA cleared X-PLO2 R portable oxygen concentrator as well as advancing the other products within our portfolio to commercial launch.

“We look forward to welcoming support from investors for our portable oxygen enrichment technology, which will make a huge difference to people who need supplemental oxygen to enjoy a more active lifestyle at a reduced cost.”

Belluscura is a UK medical device company focused on developing oxygen enrichment technology spanning broad industries and therapies. Our innovative oxygen technologies are designed with a global purpose: to create improved health and economic outcomes for the patients, healthcare providers and insurance organisations.

Belluscura was established in the UK in December 2015 with the object of commercialising intellectual property in the medical device space. The Company is currently focused on devices and treatments involving enriched oxygen.

The Company has raised approximately $11.7 million since 2018 in a number of fundraising rounds in order to develop and commercialise the Company’s product portfolio.

In February 2017, Belluscura entered into a co-exclusive license and development agreement with Separation Design Group LLC (SDG) of Waynesburg, Pennsylvania, to jointly develop and commercialise the X-PLO₂RTM portable oxygen concentrator, a device that weighs less than 1.5kg, yet can deliver up to 800ml per minute of pulse dose enriched oxygen to a patient prescribed long term oxygen therapy. This agreement was updated in March 2021 to be an exclusive licence and development agreement.

SDG owns patents and patent applications covering novel oxygen enrichment technologies and treatment devices and methods. Through joint development efforts with SDG and the licence, Belluscura now either owns or exclusively licenses a total of 26 patents and applications relating to oxygen enrichment devices and treatments.

www.belluscura.com

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