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Tekcapital Portfolio Company Gets Funding; "On Track" For US Clearance

(Alliance News) - Tekcapital PLC on Wednesday said portfolio company Belluscura PLC is headed for ...

Alliance News 26 June, 2019 | 12:26PM
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(Alliance News) - Tekcapital PLC on Wednesday said portfolio company Belluscura PLC is headed for US regulatory clearance of its oxygen concentrator in 2019 and has received commitments for a further GBP725,000 of funding.

Shares in Tekcapital were up 6.9% at 11.22 pence shortly before midday in London.

Belluscura, in which Tekcapital holds a 22% stake, has developed X-PLOR, an oxygen concentrator capable of delivering 96% pure oxygen at all times to chronic obstructive pulmonary disease patients. The device is intended as a replacement for metal oxygen tanks and heavy devices as it ways just 1.4 kilograms.

Tekcapital said Belluscura is "on track" for US Food & Drug Administration clearance later in 2019 before a commercial launch in the first half of 2020.

"We are delighted to see that Belluscura has strengthened its balance sheet and is on track to likely receive FDA clearance later this year. The fundraise was conducted at 15 pence per share, a 50% uplift over the valuation Tekcapital listed for Belluscura in its 2018 annual accounts. The directors believe that Belluscura's new device will help to improve the quality of life and reduce treatment cost for individuals suffering from COPD," said Tekcapital Chair Clifford Gross.

By Anna Farley; annafarley@alliancenews.com

Copyright 2019 Alliance News Limited. All Rights Reserved.

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Securities Mentioned in Article

Security Name Price Change (%) Morningstar
Rating
Tekcapital PLC 5.65 GBX 0.00 -

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Alliance News

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