Ords raising maximum $15M at a pre money valuation of $136M. Bids close Dec 1st. Some of the instos from the $1 raise in 2021 plus a director and European investors have made firm commitments for $7.7M. I understand they are over $10M as at last Friday.
One Series A Convertible Preference Share per $1. Ranks senior to all other shares in a liquidation event. Each Preference share is entitled to receive an in kind dividend of 15% of the issue price of $1.
$15M (excluding any further grant wins) plus Philips 3rd tranche of $2M plus current cash at bank will provide a minimum three year runway. Aiming to be cash flow positive by December 2025.
Catalysts: FDA approval for CT Perfusion algorithm expected by 31 March 2024. This is expected to accelerate US sales. Bidding in conjunction with Titan Nerosciences for $20M ($4M x 5 years) Federal Govt Grant (decision expected by June 30 2024). Philips third tranche of $2M due as soon as the company shows a cash runway of a minimum 12 months.
If they receive the maximum $15M, it gives a post money valuation of $151M.
