ImpediMed Limited (ASX:IPD) Secures US$15 Million Growth Capital Facility
Growth Capital Facility
ImpediMed Limited (ASX:IPD) announced that its subsidiary, ImpediMed, Inc., has secured a US$15 million growth capital facility from SWK Funding LLC. The five-year facility provides funding flexibility to support the company’s growth and commercialisation activities as it pursues its path to profitability.
Management Comments
Christine Emmanuel-Donnelly, Chair of ImpediMed, stated, “The Board is confident that ImpediMed has established a robust foundation for future growth and is in a position where considered investment to scale our business is not only justified but essential to fully capitalise on the significant opportunities at hand. Given the Board’s confidence in the business opportunity, the ImpediMed team’s ability to execute and a desire to limit the dilutive nature of a raising, we have introduced a funding solution that provides enhanced balance sheet flexibility while preserving the value of existing shareholders. With this new funding in place, ImpediMed’s capital base is well-equipped to support the continued execution of our strategy. As a result, we are now better positioned than ever to achieve our long-term goals and create significant value for our shareholders.”
Dr Parmjot Bains, Managing Director of ImpediMed, added, “We are pleased with our agreement with US based SWK Holdings and the confidence they have shown in ImpediMed, as well as in the future of our SOZO digital health platform. SWK’s proven approach of supporting innovative healthcare companies makes them an ideal partner for us as we pursue our commercial growth strategy over the next five years. We are confident with the business direction and this was reinforced throughout our due diligence process. In conjunction with our existing cash reserves, this facility gives us the time and funding flexibility required to execute on our business plan and fully capitalise on the BCRL opportunity.”
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