TIDMTEK
RNS Number : 4797B
Tekcapital plc
17 June 2016
Tekcapital plc
("Tekcapital")
Private Placement for Belluscura Ltd
Newly formed Tekcapital subsidiary receives an initial
investment of US$1.5m
Tekcapital plc (AIM: TEK), an international provider of
technology and intellectual property services, is pleased to
announce that its subsidiary, Belluscura Ltd ("Belluscura"), has
successfully concluded a private placement to raise US$1.5m
("Private Placement").
Background to Belluscura
Belluscura (www.belluscura.com) was established in the UK in
December 2015 to provide premium proprietary medical devices at
affordable prices, to address part of the global unmet need for
inexpensive, superior medical devices. Belluscura will seek to
achieve this goal by acquiring, then manufacturing and selling,
proprietary medical devices deemed to be non-core or undervalued by
leading medical device companies on an on-going basis.
In line with this strategy, as announced by Tekcapital on 13
April 2016, Belluscura acquired the exclusive licenses to
manufacture and sell three medical products from Stryker
Corporation, a leading medical technology company. The devices
are:
1. Slyde(TM) , a lightweight stretcher designed for use in
emergency evacuations of multi-storey structures;
2. Passport(R) , a surgical trocar designed as a camera port for
use in laparoscopy (keyhole surgery); and
3. SNAP II, a level of consciousness monitor for use during
surgical procedures requiring general anesthesia.
These three devices are protected by a comprehensive
intellectual property portfolio of 19 issued and pending patents
and industrial designs. They have received US 510(k) regulatory
clearance where necessary and have already recorded commercial
sales revenue for Stryker. In addition, Passport has been awarded a
CE Marking for distribution in the EU. Belluscura intends to
commence sales of Passport and Slyde in the third quarter of 2016
and SNAP II by the end of 2016.
Belluscura plans to subcontract the manufacturing of SNAP II,
Passport and Slyde with the intention to sell these devices through
external sales channels at affordable prices globally with a focus
on the US, Europe, India and China. The targeted customers include
hospitals and clinics, where they are intended for use by
anaesthesiologists, laparoscopic surgeons and emergency responders,
among others. The directors of Tekcapital ("Directors") believe
that Belluscura has the potential to achieve profitably in due
course, as most of the development and regulatory costs of these
devices have already been incurred.
In addition, Belluscura intends to commercialise a patented
technology relating to the non-invasive measurement of glucose in
saliva for the treatment of diabetes - Saliva Glucose Measurement
Technology ("SGMT"). Tekcapital novated to Belluscura its worldwide
exclusive licenses to a patent and related patent application for
SGMT for companion animals (and humans). This technology is
licensed from and was developed by Arizona State University.
Further details on these licences were announced by Tekcapital on 2
April 2015 and 14 March 2016.
Belluscura plans to acquire additional developed medical
products which have already achieved regulatory clearance or
approval, or require limited additional regulatory clearance or
approval, and are deemed to be non-core by leading medical device
manufacturers. Furthermore, Belluscura will also endeavour to
identify and acquire undervalued proprietary technologies in the
medical space that require limited investment to reach
commercialisation.
Belluscura has an experienced executive management team,
independent of Tekcapital, with significant expertise in the
medical devices industry that covers a broad spectrum of
disciplines in business, law, medicine and technology. Tekcapital
does not intend to be involved in the day-to-day management of
Belluscura or deviate from Tekcapital's existing business and
strategy.
To date, Belluscura has been financially supported by Tekcapital
to fund the expenses of setting up the company, engaging its
management team and starting marketing, and Belluscura has just
begun to record sales of product.
Further details on Belluscura's products and management team are
set out at the end of this announcement.
The Private Placement
The proceeds of the Private Placement are currently intended to
be applied as follows:
- regulatory, safety and quality expenses for medical products,
including CE Marking and certification for European sales;
- implementing product manufacturing and acquiring initial stock;
- acquisition of additional medical products; and
- working capital purposes.
Investors in the Private Placement include Nigel Wray and
family, David Poutney, Belluscura's management team and Tekcapital,
who have invested on the basis of a US$4.5 million valuation of
Belluscura post the Private Placement. Tekcapital invested
US$500,000 in the Private Placement and now owns 74.44% of
Belluscura. Belluscura plans to extend the private fundraising for
an additional 90 days to enable additional investors to
participate.
As Nigel Wray and his family currently hold more than 10 per
cent. of Tekcapital's ordinary shares, the participation by him of
US$500,000 in the Private Placement is deemed to be a related party
transaction pursuant to rule 13 of the AIM Rules for Companies.
Accordingly, the directors of Tekcapital (save for Dr Robert Miller
who is subscribing in the Private Placement) consider, having
consulted with the Company's nominated adviser, Allenby Capital,
that the terms of the subscription with Nigel Wray are fair and
reasonable insofar as shareholders are concerned.
Commenting on the private placement, Dr. Clifford M. Gross,
Executive Chairman of Tekcapital, said: "We are excited to have
closed the private placement for Belluscura. We believe that
Belluscura has significant potential with its capable and
experienced management team, compelling products and its business
model of providing premium, proprietary medical devices at
affordable prices through the acquisition of non-core assets from
leading medical device companies."
For further information, please contact:
Tekcapital Plc +1 305 200 3450
Clifford M. Gross info@tekcapital.com
Allenby Capital Limited (Nominated
Adviser & Joint Broker) +44 (0)20 3328 5656
Jeremy Porter / Alex Brearley
Optiva Securities Limited (Joint +44 (0) 20 3137
Broker) 1904
Jeremy King / Vishal Balasingham jeremy.king@optivasecurities.com
+44 (0) 20 7933
Walbrook PR Ltd 8780
Paul Cornelius / Paul McManus
/ Helen Cresswell tekcapital@walbrookpr.com
Tekcapital plc - The World's Largest University Network for Open
Innovation
Tekcapital helps clients profit from new, university-developed
intellectual properties. With our proprietary discovery search
engine, linked to 4,000+ universities in 160 countries, coupled
with expert scientific review, we provide a turn-key service to
make it easy for clients to find and acquire the IP, analytics and
technology transfer professionals they need to create a competitive
advantage. Tekcapital plc is listed on the AIM market of the London
Stock Exchange (AIM: symbol TEK) and is headquartered in Oxford, in
the UK. For more information, please visit www.tekcapital.com
FURTHER INFORMATION ON BELLUSCURA'S PRODUCTS AND MANAGEMENT
TEAM
SNAP II
This product is a level of consciousness monitoring system that
can be used by anaesthesiologists to make therapeutic adjustments
of sedatives and anaesthetic agents to a patient receiving general
anaesthesia.
Monitoring a patient's level of consciousness during general
anaesthesia is thought to add clinical value for the following
reasons:
- it allows for reduced post-operation recovery time;
- it reduces the probability of awakening during a procedure; and
- it can reduce the effects associated with high levels of anaesthesia.
The Directors believe that the SNAP II monitoring system has the
following clinical benefits:
- the complete monitoring system is portable, allowing four
hours of battery operation from one charge and requiring minimal
space in a busy surgical setting; and
- it is believed by the Directors to be the only level of
consciousness monitoring system which evaluates both high- and
low-frequency EEGs, creating its unique "SNAP Index" measurement. A
peer-reviewed publication in the British Journal of Anaesthesia
from 2006 indicates that SNAP II is more sensitive to unintentional
awareness than certain competitor products on the market.
The Directors believe that the comprehensive customer offering
and the superior clinical value provided by SNAP II will be viewed
as key differentiators by customers, including anaesthesiologists
and hospital purchasing agents.
SNAP II has patent protection in the US.
Passport
This product is a disposable trocar for use as a laparoscopic
access device.
The Directors believe that laparoscopy as a surgical process
provides clinical value as:
- the smaller incisions from laparoscopy generally provide for
faster recovery and lowers the risk of infection;
- the process can reduce hospital stay and use of hospital resources; and
- the process is associated with greater patient comfort and satisfaction.
The Directors believe that Passport's key product advantages
are:
- its disposable nature;
- its good safety record;
- its multiple modalities, i.e. its bladeless and bladed modes; and
- its positioning as, to the best of the Directors' knowledge,
the only non-da Vinci(R) 8.5mm trocar available for use on the S
and Si robotic surgery platforms.
Passport has patent protection and received 510(k) clearance for
its sale in the US and has CE Marking approval.
Slyde
Slyde is a compact sled for evacuating injured or physically
challenged people easily up and down stairs during an emergency,
when other means of evacuation become unavailable or overloaded.
Slyde comes in two sizes for individuals up to 500lbs and up to
800lbs. Additional complementary goods are available including a
protective sleeve to cover up to 5 Slydes, a rope belay system to
assist in lowering the patient down stairwells, and a "firebox" for
storing the belay system in the stairwell.
In the US, Slyde is a Class I (exempt) device and does not
require regulatory clearance or approval. It is classified as a
hand carried stretcher, subject to FDA regulation 880.6900.
Additionally Slyde is GMP exempt in the US. Until its acquisition
by Belluscura, Slyde was being sold in the US, Canada and India. In
Europe, Slyde is classified as a Class I product although it has
not been registered with a Competent Authority in order to obtain
CE Marking, for which a technical file will need to be prepared and
registered with a Competent Authority. Finally a Declaration of
Conformity to the MDD 9/42/EEC will need to be written prior to
affixing the CE Marking. Slyde has patent protection in the US,
Canada and the UK.
In 2016, the Board plans to expand sales of Slyde to hospitals
worldwide and high-rise commercial buildings that need emergency
evacuation equipment. The Board also plans to target the commercial
facility safety market, for the emergency evacuation of physically
challenged individuals in the case of fire or terrorist
attacks.
Executive Management Team
Robert (Bob) Rauker, Chief Executive Officer
Bob is a senior management executive with a demonstrable track
record in the medical device sector. Over his extensive career Bob
has been involved in the valuation, acquisition and sale of
multiple medical devices. Bob has served as Head of Medical Device
& Life Sciences Group for Acacia Research Group (NASDAQ) in the
role of Sr. VP, where he built the medical device business to $30
million in revenue. Previously he served as Global Chief IP counsel
for Synthes Inc. (SIX) and Boston Scientific (NYSE) Endoscopy, both
multibillion dollar companies, where he managed the medical
products acquisition and licensing transactions along with other
senior management roles.
Bob has a bachelor's degree in mechanical engineering and an MBA
from the University of Massachusetts and a juris doctorate from the
New Hampshire School of Law. Additionally he is a registered patent
attorney, a named inventor on 12 US patents and pending
applications in the medical device sector and joint developer of a
commercially sold spine product.
Michael N. Van Hoy, Chief Operating and Product Sourcing
Officer
Michael has significant experience in developing strategic
partnerships for sourcing medical product manufacturing and
ensuring their quality and safety. He served as staff scientist for
Becton Dickinson &Company, Technology Licensing Manager for
Abbott Laboratories and Director of Business Development for
Metabolon Inc. Michael received a Ph.D. in biochemistry from the
University of Texas at Austin, an MBA with honours from the
University of Chicago and bachelor's degree in biochemistry,
molecular and cell biology from Northwestern University.
Stephen C. Appelbee, Head of Global Sales
Stephen is a senior medical device and pharmaceutical industry
executive with over 35 years' experience
across a broad range of areas in both large and small
corporations operating in both the private and public financial
markets.His M&A track record includes the successful
acquisition of Biohealth Italia srl, Ashbourne Pharmaceuticals
Ltd., of which he was Chairman, and the formation of the joint
venture Puredel Ltd with Natreon, Inc., as well as the sale of
CM&D Pharma Limited to Nestlé SA. He has served as CEO of
ScienceWorks Ventures plc, Flint Pharma, CM&D Pharma Ltd. and
Maelor plc (now known as IS Pharma Ltd). Previously Stephen has
worked for Glaxo Holdings plc, as an international product manager
for Zantac, and he currently serves as a Non-Executive Director for
PlasMedica Technologies Limited, Pulmeze Limited and PhageWorks
Limited.
This information is provided by RNS
The company news service from the London Stock Exchange
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