News: Rhinomed Limited to increase cash position

Medical technology company Rhinomed Limited (ASX:RNO) is heading to market with a capital raising.

The ASX has granted the company a trading halt, with its shares placed in pre-open.

Earlier in the month the company appointed

Australian based EI Trading and its Israeli subsidiary AirActive as inaugural distribution partner for its Turbine nasal dilation device in Israel.

The deal seeks to introduce the Turbine range of technologies into the Israeli cycling and triathlon community and place the Turbine into over 450 Israeli cycling retailers.

Rhinomed is focused on producing leading technologies and launching these into the international marketplace.

Last month, the Turbine was granted registration with the US Food and Drug Administration as a medical device.

The Turbine is an internal nasal dilator that increases airflow by an average of 38% and can assist athletes as a solution to breathlessness during aerobic exercise.

The halt will remain in place until the opening of trade on Monday 1st September 2014, or earlier if an announcement is made to the market.